Bharat Electronics Limited stated that its Board of Directors has approved the signing of a Joint Venture Agreement (JVA) with Safran Electronics and Defence, France, for Project HAMMER. The decision was taken at the board meeting held on 15 February 2026, and the operationalisation of the joint venture agreement is subject to regulatory and administrative approvals from both countries.
The joint venture company will operate a Center of Excellence to act as a technology cum teaming partner for the manufacturing, supply, maintenance and repair of the Guidance Kit (GK) of the HAMMER Weapon System. The primary end users are the Indian Air Force and the Indian Navy, though other end users in India may be mutually agreed upon.
The company said in a stock exchange filing that the joint venture will involve the incorporation of a private limited company under the Companies Act, 2013. The registered office and principal place of business of the proposed entity will be in Pune or any other mutually agreed location.
The equity in the joint venture will be split 50:50 between Bharat Electronics Limited and Safran Electronics and Defence. The board will consist of four directors, with two nominated by each partner. The chairman will be appointed by the nominees and will not have a casting vote.
The company will be incorporated with an initial authorised share capital of INR 100,000, comprising 1,000 equity shares at INR 100 each. The authorised share capital may be increased up to INR 100 million or such other amount based on requirements.
Bharat Electronics stated that Safran Electronics and Defence is not related to its promoter, promoter group or group companies. The company also said that the transaction does not fall within related party transactions.
Bharat Electronics Limited is a Government of India enterprise under the Ministry of Defence and is engaged in the manufacture of electronic systems and equipment.
