Mumbai: Adani Enterprises on Tuesday said that it has formed a joint venture firm with Israel-based defence electronics company Elbit Systems to manufacture UAVs in India.
According to the company, the new JV — Adani-Elbit Systems India was incorporated on November 7 and will operate in the aerospace and defence manufacturing sector.
“Adani Enterprises Limited and Elbit Systems Limited, Israel have incorporated a JVC namely, ‘Adani-Elbit Advanced Systems India Limited’ (AEASIL) on November 7, 2016 in the ratio of 51:49,” the company informed the BSE in a regulatory filing.
“AEASIL is incorportated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on November 7, 2016 and is yet to commence its business operations.”
The company added that the new JV will manufacture Unmanned Aerial Vehicles (UAVs) in India.
The company’s scrip edged up by 2.78 per cent to Rs 64.80 from its previous close of Rs 63.05.