BEML, L&T sign agreement to tap market for defence products

Bharat Earthmovers has inked a memorandum of understanding with Larsen & Toubro to jointly capitalise on emerging opportunities in domestic and export markets for defence products and systems.

In a statement, the companies said 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.

BEML Chairman and Managing Director Deepak Kumar Hota said: “PPP (Public-private partnership) 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.”

Jayant D Patil, Whole-time Director (Defence) and Member of L&T board said: “This memorandum of understanding (MoU) paves the way for public-private sector partnership between two industry leaders.”

Image Credit : static.toiimg.com

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