BEL enters JV with Rafael of Israel

BANGALORE: Navratna defence PSU Bharat Electronics Limited is eyeing acquisition of foreign technology companies and is currently evaluating a few potential buy-out targets.

"We have identified 4-5 (acquisition) opportunities", the Bangalore-headquartered company's CMD V V R Sastry told a press conference, adding that some of them are expected to fructify in the current financial year.

Sastry said a term sheet has been signed with Israel's Rafael, which is expected to lead to the formation of a joint venture for missile electronics and guidance technologies.

BEL and Rafael would initially take up joint development programmes to address the Indian defence requirements followed by the Bangalore company taking care of offset obligations of Rafael in India leading to expected joining of hands, BEL officials said.

He said BEL was in the process of appointing a consultant which would recommend a road-map identifying opportunities for diversification into other related business areas, which include professional electronics.

"We are also exploring business avenues in the field of e-governance", Sastry said.