Indian company Adani Enterprises has set up a joint venture (JV) with Israel's Elbit Systems to produce unmanned aerial vehicles (UAVs) in India.
Adani said in a filing to the Bombay Stock Exchange on 8 November that the JV, named Adani-Elbit Advanced Systems India Limited (AEASIL), was formerly established a day earlier.
Adani said equity split in the JV is 51:49 with the Indian company holding the larger stake. It added that authorised and paid-up share capital in the new company is just INR100,000 (USD1,500).
Adani said the focus of AEASIL would be defence and aerospace manufacturing, with an emphasis on UAVs. The new company is expected to begin operations in early 2017.
The JV is to be channelled through Adani's subsidiary Adani Aero Defence and will produce UAVs as well as provide related maintenance, repair, and overhaul services.
Under the terms of the arrangement Elbit will transfer technologies and know-how to AEASIL, which will market a range of Elbit-designed UAV systems to Indian customers as well as produce and support the systems. Major UAV platforms produced by Elbit include the Hermes 900, 450, and 90 family and the Skylark systems.
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