Israeli defence equipment maker forms joint venture with Indian firm
The Dollar Business Bureau India’s microwave radio system manufacturer Astra Microwave Products Ltd on Monday announced that it will form a joint venture with Israeli defence manufacturing company Rafael Advanced Defense Systems Ltd to produce high-tech signal intelligence system used in defence communication. The two companies have agreed to invest $20 million over the next two years. The joint venture company will be based in Hyderabad and it is expected to start operation in the first half of 2016. “To start with, ASTRA and M/s Rafael will own 51:49 in the JVC and will become 50:50 subject to regulatory approvals,” Astra Microwave said in a statement. India and Israel have long enjoyed a close commercial relation, especially in defence sector. India is one ...
