Government-run Bharat Earthmovers Ltd today signed a memorandum of understanding with the construction company Larsen and Toubro to capitalise on the opportunities in the domestic and export markets for defence products and systems.
In a press release, BEML said the MoU was aimed at leveraging 'Make in India' initiative for increased value- addition within the country in development, manufacturing and long-term support for defence and export business in identified areas, projects and programmes and synergise their combined strength.
"With the vast experience and expertise in defence sector, BEML and L&T can address the needs of the Indian defence market as well as explore export markets of various products/ systems of mutual interest," he said in the press release.
Director (defence) and member of L&T board Jayant D Patil was also present at the MoU-signing function.
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