Shares of Astra Microwave Products have
moved higher by 7% to Rs 119, bouncing back 17% from their intra-day
lows on the BSE in an otherwise weak market, after the company announced
the formation of a joint venture company (JVC) with M/s Rafael Advanced Defence Systems Ltd.,
Israel, for joint production and supply of tactical radio communication
systems, electronic war-fare systems and signal intelligence systems.
The JVC will operate from Hyderabad and is expected to start business development activities in the first half of 2016. About US $20 million is expected to be invested in the first two years in the JVC, Astra Microwave said in a filing.
To start with, Astra and M/s Rafael will own 51:49 in the JVC and will become 50:50 subject to regulatory approvals, the company added.
The JVC will operate from Hyderabad and is expected to start business development activities in the first half of 2016. About US $20 million is expected to be invested in the first two years in the JVC, Astra Microwave said in a filing.
To start with, Astra and M/s Rafael will own 51:49 in the JVC and will become 50:50 subject to regulatory approvals, the company added.
Businessstandard
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