Overview
- BEL's board approved the joint venture agreement on Sunday, according to a stock exchange filing.
- The partners will incorporate a private limited company under the Companies Act, 2013 with the registered office in Pune or another mutually agreed location and initial authorised capital of ₹1 lakh, scalable up to ₹10 crore.
- The new company will run a Center of Excellence to manufacture, supply, maintain, and repair the Guidance Kit and related subsystems for the HAMMER weapon system.
- Primary end users are the Indian Air Force and Indian Navy, with scope to include other domestic users by mutual agreement.
- The venture features equal shareholding with a four‑member board, two nominees from each partner and a chair without a casting vote, and it plans phased localisation and MRO to reduce dependence on overseas suppliers.