Tel Aviv [Israel], July 10 (ANI/TPS): Israeli Aerospace Industries announced that it signed an agreement to acquire HELA Systems Private Limited, an Indian subsidiary of ELTA Systems Ltd.
ELTA itself is a subsidiary of the IAI.
"IAI's investment in Aerospace Services India is a strong demonstration of IAI's support for the Indian government's Atmanirbhar Bharat (Make in India) vision," the IAI said in a statement.
"The current deal also shows IAI's commitment to its strong partnership with India's [Defense Research and Development Organization] in developing and supporting advanced systems for India's Armed Forces." The DRDO, which is part of the Indian Defense Ministry, is responsible for research and development for the Indian Armed Forces.
Based in Hyderabad, HELA manufactures radar and electronic warfare systems, and installs and maintains acquisition and missile guidance radars, among other defence products and services.
HELA will provide maintenance, repair and overhaul product support for ELTA Systems, as well as testing and technical services including annual maintenance contracts and supply of spares to Indian defence customers.
The Ashdod-based ELTA Systems specializes in electronic warfare systems, radar, and communication systems.
Yoav Turgeman, who is both IAI's VP and ELTA's CEO, said, "The acquisition of HELA Systems reflects our strategic transformation to provide fast direct access to ELTA's superior solutions in full support of India's Atmanirbhar Bharat vision of becoming self-reliant. HELA leverages top technology, innovation, and talent to deliver customer satisfaction so customers can focus on their mission." (ANI/TPS)
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