Bharat Electronics Limited Approves 50:50 JV with Safran for HAMMER Weapon System Project
In a major defence collaboration, BEL approves a 50:50 joint venture with Safran Electronics & Defense to manufacture and maintain HAMMER weapon system guidance kits in India.
Bengaluru, February 15, 2026: Bharat Electronics Limited (BEL), a Navratna Defence PSU under the Ministry of Defence, has approved the signing of a Joint Venture Agreement (JVA) with Safran Electronics & Defense (SED), France, for the HAMMER Weapon System project.
The decision was taken at the Board meeting held on 15 February 2026. The company informed stock exchanges under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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JV to Establish Centre of Excellence in India
As per the agreement, BEL and SED will incorporate a Private Limited Company under the Companies Act, 2013. The proposed entity will have its registered office in Pune or any other mutually agreed location.
The joint venture will establish a “Centre of Excellence” to function as a technology-cum-teaming partner for the manufacturing, supply, maintenance, and repair of the Guidance Kit (GK) for the HAMMER Weapon System.
The primary end users of the system will be the Indian Air Force and the Indian Navy, with scope for additional domestic users as mutually agreed.
Equal Shareholding & Governance Structure
The equity structure of the JV will be split 50:50 between BEL and Safran Electronics & Defence.
Key governance provisions include:
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Board comprising four Directors — two nominated by BEL and two by SED
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Chairman to be appointed by nominees, without a casting vote
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Initial authorised share capital of ₹1,00,000 (1,000 equity shares of ₹100 each), expandable up to ₹10 crore or as required
BEL clarified that the transaction does not fall under related party transactions.
Strengthening Indo-French Defence Collaboration
The partnership marks a significant step in strengthening Indo-French defence industrial cooperation and aligns with India’s focus on indigenous defence manufacturing and technology transfer under the “Make in India” initiative.
The operationalisation of the JV remains subject to regulatory and administrative approvals from authorities in both countries.
The Board meeting commenced at 4:00 PM and concluded at 5:15 PM on February 15, 2026.