Foreign Investment Promotion Board (FIPB) has given a go to BF Elbit Advanced System Private ltd, a joint venture (JV) between Bharat Forge and Israel based Elbit Systems land and C4I ltd's wholly owned subsidiary Elbit Systems ltd. The company would manufacture defence systems for the Government.
As per the agreement, Elbit System would provide its cutting edge technology to Bharat Forge for the production. In exchange, Elbit Systems land and C4I would receive 26 per cent stake in the JV. As per sources, company's production facility would be based in Bharat Forge's Pune plant and Bharat Forge is going to hire nearly 2,000 employees to cater to this new JV.
As far as products are concerned, BF Elbit Systems would make 105, 130, 155/52 mm artillery systems along with naval guns and mortar gun systems. Apart from that, ammunitions shells of all kinds would also be produced. Upgraded armored systems would also roll out from the same facility. Bharat Forge limited, the flagship company, of the $ 2.5 billion Kalyani Group and Elbit Systems land and C4I ltd's a wholly owned subsidiary of Elbit Systems in February had announced the JV. A global player of critical components, Bharat Forge provides solutions to various industrial sectors including utomotive, oil & gas, aerospace, rail & marine and now defence as well.