Shares of Kalyani Group companies surged up to 20 per cent today after the Group and Israel's Rafael Advanced Defense Systems Ltd announced formation of a Joint Venture company in India.
BF Investment zoomed 19.96 per cent, Kalyani Steels soared 13.61 per cent and BF Utilities surged 7.03 per cent on the BSE.
Shares of Bharat Forge also rose by 2 per cent.
The JV will be a 51:49 partnership, an initiative in line with the 'Make in India' policy of the Government, Kalyani Group and Rafael said in a statement.
It would enable the development and production of high end technology systems within the country, including a wide range of technologies and systems, like missile technology, Remote Weapon Systems and Advanced Armour Solutions, they said.
"Kalyani Group has been at the forefront in initialising the 'Make in India' campaign. As part of this campaign we aim to develop and produce high end technology systems and expand the Defence Industry Base in our country," Kalyani Group Chairman and Managing Director Baba Kalyani said.
Rafael is Israel's second largest defence company, which designs, develops, manufactures and supplies a wide range of high tech defence systems for air, land, sea and space applications. It was established as part of the Israeli Ministry of Defence more than 66 years ago.
Kalyani Group, the USD 2.5 billion conglomerate, is into high technology, engineering & manufacturing activities across sectors including Defence, Automotive, Industrial and Renewable Energy.
