Larsen & Toubro (L&T) and European missile maker MBDA have set up a joint venture to develop and supply missiles and missile systems to meet the growing requirements of the Indian armed forces, according to a statement from the firm.
The firm will be named ‘L&T MBDA Missile Systems’. L&T will own 51 per cent and MBDA the remaining 49 per cent, in line with India’s FDI norms. The JV would focus on opportunities in the missile systems domain. The JV will is expected to be incorporated in the first half of 2017 after necessary approvals.