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Israel’s Rafael Advanced Defense Systems Ltd plans to start a joint venture in India with state-owned Bharat Electronics Ltd (BEL) to develop advanced missile systems. Since the Kargil conflict in 1999, Israel has emerged as the second largest defence supplier to India, with annual sales estimated at $1 billion (Rs4,600 crore).The state-owned firm plans to use its India joint venture facility to source some locally made materials, mandatory for all overseas defence supplies and known as offsets.“This is will be our first joint venture. Part of the offsets that we have to provide in India will be in this joint venture,” said Lova Drori, executive vice-president, marketing, Rafael, on the sidelines of the sixth land and naval defence systems DefExpo 2010 show in the Capital..............................www.livemint.com
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