State-owned BEML Ltd and Larsen & Toubro today entered into a pact to jointly capitalise on emerging opportunities in domestic and export markets for defence products and systems.
The cooperation between the two organisations is aimed to leverage on Make in India' initiative for increased value addition within the country in manufacturing and long-term support for defence and export business in identified areas, thus synergising their combined strengths, the companies said in a statement.
"PPP model is the way forward to meet the growing demands of the Defence Industry. With the vast experience and expertise in defence sector of BEML and L&T, I am confident that together we can address the needs of the Indian defence market as well as explore export markets of various products/ systems of mutual interest," BEML Chairman and Managing Director Deepak Kumar Hota said.
This memorandum of understanding (MoU) paves the way for public-private sector partnership between two industry leaders, Jayant D Patil, Whole-time Director (Defence) and Member of L&T board said.
"By synergising capabilities of each other in system design and integration, manufacturing and marketing, the companies look forward to enhancing product range, evolve new products and improve business prospects," Patil added.
BEML and L&T have collaborated and partnered on co-development and production of significant sub-systems involving complex technologies and advanced engineering equipment such as Sarvatra Bridging Systems and various other vehicular platform-based systems for the defence ministry, the statement said.
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