Feb. 13 (UPI) -- MBDA Missile Systems and Larsen & Toubro will launch a joint venture to develop missile-based solutions for India's armed forces.
The new company will be named L&T MBDA Missile Systems Ltd, and will be based in India. L&T will own 51 percent of the joint venture's shares, while MBDA will own the remaining 49 percent in accordance with the country's regulations.
Company officials say the new entity will work closely with India's defense industry bodies, including the Defense Research and Development Organization.
"We have been trusted partners to DRDO and the Indian Navy, delivering complete weapon systems and platforms, command control and sensor systems, designed, developed and manufactured in India for over three decades," L&T group executive chairman A.M. Naik said in a press release.
MBDA CEO Antoine Bouvier adds the move is consistent with his company's strategy in India.
"Our business strategy in India has always focused on forming partnerships at the deepest level, not just with the armed forces but also with Indian industry," he said.
The joint venture is awaiting approval from Indian authorities. Once approved, the new entity will focus on supplying 5th-generation anti-tank guided missiles for coastal batteries and high-speed target drones.