Kalyani Rafael Advanced Systems Ltd (KRAS) has bagged a $100-million contract for manufacturing 1,000 BARAK-8 MRSAM missile kits which would, in turn, be supplied to Bharat Dynamics Ltd (BDL) for further integration.

KRAS is a 49:51 joint venture between the Israel-based RAFAEL Advanced Systems Ltd and the Pune-based Kalyani Strategic Systems Ltd (KSSL), with the Indian partner holding 51 per cent stake. KSSL is a 51 per cent subsidiary of Bharat Forge Ltd. BDL, which manufactures guided missiles and allied defence equipment, and is a Hyderabad-based Central Government enterprise under the Ministry of Defence.

"In keeping with its commitment to ‘Make-in-India’, the JV partners have invested in best-in-class production facilities, modern engineering services, and extended life-cycle support (MRO) for systems supplied to the Indian defence forces.

"KRAS is expected to ramp up its employee strength to 300 technical experts by the year 2023," according to a joint statement issued by RAFAEL Advanced Systems and KRAS, which was notified to the stock exchanges by Bharat Forge.

The statement added that RAFAEL Advanced Defense Systems has a history of collaboration with India’s defence industries, which has resulted in multiple joint ventures, subsidiaries, as well as information sharing. These partnerships, over the past two decades, have led RAFAEL to invest over $250 million in the country through its Make-in-India initiative.