Wednesday, November 30, 2022

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Two defence PSUs, BEL ink MoU to address requirements of domestic and export markets

New Delhi: Bharat Electronics Ltd. (BEL), a Navratna Defense PSU, said on November 17 that it has inked Memorandums of Understanding (MoUs) with Armoured Vehicles Nigam Limited (AVNL/AVANI) and Advanced Weapons and Equipment India Limited (AWEIL) to fulfil the needs of domestic and international markets.

In the MoU with AWEIL, BEL intends to address domestic and export prospects in the areas of air defence, artillery gun systems, medium calibre weapons, small arms, and related systems, while with AVANI, the defence PSU aims to address opportunities in the same areas.

During the Defexpo 2022 event, both agreements were signed in the presence of Dinesh Kumar Batra, then the CMD of BEL, as well as Ravin Kulshrestha, Director (Finance), AWEIL, and A N Srivastava, CMD, AVNL/AVANI.

The BEL and Goa Shipyard Limited (GSL) inked an MoU last month to collaborate on the development of goods and services in the sectors of autonomous navigation and related technologies.

According to a statement from BEL, a company with its headquarters in Bengaluru, the MoU aims to take advantage of the complementing assets and competencies of the two businesses.

BEL’s shares finished on the BSE on Thursday, November 17, at Rs 110.60 a share, up 2.2 percent from the previous close.

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