Indian defense manufacturer Premier Explosives has reported to the Bombay Stock Exchange (BSE) in Mumbai that it has signed, a memorandum of understanding (MOU) with Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) for exploring potential business opportunities.
Headquartered in Hyderabad, Premier Explosives designs, develops and manufactures solid propellants for Indian missiles such as the Akash and Astra. The company also operates a state-of-art chemical manufacturing facility of Indian Space Research Organisation (ISRO) at Sriharikota and a solid fuel complex of advanced systems laboratory at Jagdalpur.
This latest collaboration comes as Israel and India tighten cooperation on defense projects. These projects include: joint Israeli-Indian development of the Barak 8 defense missile for protecting offshore gas rigs; a joint venture between Israel's Rafael Advanced Defense Systems Ltd. and India's Kalyani Group to produce missile systems, remotely controlled weapons positions, and advanced systems for the protection of tanks and APCs; and cooperation between IAI and India's Alpha Design Technologies on the production of mini-drones.
Published by Globes [online], Israel business news - www.globes-online.com - on January 6, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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