Bharat Electronics inks pact with MIL to address needs of Indian Defence; stock jumps ~2%

19 Oct 2022 , 10:16 AM

Navratna Defence Public Sector Undertaking Bharat Electronics Limited (BEL) and Munitions India Limited (MIL), a Defence Public Sector Undertaking (PSU), have signed a Memorandum of Understanding (MOU) to jointly meet the requirements of Indian Defense and Export markets in the areas of Ammunition, Explosives, and associated systems.

Bhanu Prakash Srivastava, BEL’s Director (Other Units), and S K Rout, MIL’s Director (Operations), exchanged the MoU documents today at Defexpo in the presence of Ravi Kant, MIL’s CMD, Joydeep Majumder, BEL’s Executive Director, and other top BEL and MIL executives.

The MoU intends to use BEL and MIL’s complementary strengths and skills, as well as to reinforce the spirit of the Government of India’s Make in India programme, in order to achieve self-reliance in the defence sector.

The collaboration will allow the firms to target domestic and international prospects in the fields of ammunition, explosives, and associated systems and subsystems.

At around 10.19 AM, Bharat Electronics was trading at Rs107.70 up by 1.65% from its previous closing of Rs105.95 on the BSE. The scrip opened at Rs106.70 and touched intraday high and low of Rs109.20 and Rs106.50 respectively.

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