Thursday, December 24, 2009

BEL's radar joint venture push hits air-pocket

Defence PSU Bharat Electronics Limited's move to forge a joint venture with foreign partners in the area of precision-guidance seekers for missiles have hit an air-pocket with the FDI cap perceived as lower by potential suitors.The Bangalore-headquartered company has been pursuing nearly a dozen joint venture proposals, majority of them with foreign partners, for some time now but without any headway largely because interested overseas technology firms finding the extent of their equity well short of expectations.

"We have been discussing about 10-12 proposals for joint ventures...one or two in India....some with foreign companies, especially for sub-sets of things like seekers", BEL Chairman and Managing Director Ashwani Kumar Datt told."Basically, seeker is a radar but it's a miniature type of radar which will guide the missiles.

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