BrahMos Aerospace to invest Rs 1000 cr

THIRUVANANTHAPURAM: An estimated investment of Rs 1,000 crore is expected within four years after the take over of state-run Kerala Hightech Industries Ltd (KELTEC) here by BrahMos Aerospace.

The take-over would also provide an impetus for industrial development in the state, an official press release said here today.

The ceremony to take over KELTEC, which would rename as BrahMos Aerospace Thiruvananthapuram LTD, would be held here on December 31.

Union Defence Minister A K Antony would attend the function.

It was envisaged to have missile assembling in the first stage followed by missile production in the later stage in the new company along with supply of materials for ISRO.

About Rs 125 crore would be utilised immediately to install new machinery to manufacture equipments for ISRO, the release said.