BEML, L&T ink pact to tap market for defence products
Government-run Bharat Earthmovers Ltd today signed a memorandum of understanding with the construction company Larsen and Toubro to capitalise on the opportunities in the domestic and export markets for defence products and systems.
In a press release, BEML said the MoU was aimed at leveraging 'Make in India' initiative for increased value- addition within the country in development, manufacturing and long-term support for defence and export business in identified areas, projects and programmes and synergise their combined strength.
Chairman and managing director of BEML Deepak Kumar Hota was quoted as saying in the release that the public-private partnership would meet the demands of the defence industry.
"With the vast experience and expertise in defence sector, BEML and L&T can address the needs of the Indian defence market as well as explore export markets of various products/ systems of mutual interest," he said in the press release.
Director (defence) and member of L&T board Jayant D Patil was also present at the MoU-signing function.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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