Auto component major Bharat Forge Thursday said Kalyani Rafael Advanced Systems (KRAS) has bagged a $100 million (Rs 684 crore) contract from Israel's Rafael Advanced Defence Systems for manufacturing 1,000 BARAK-8 MRSAM missiles' kits for the Indian Army and Air Force.
KRAS is a 49:51 ratio joint venture between RAFAEL Advanced Systems and Kalyani Strategic Systems (KSSL), with the Indian partner holding 51 per cent.
KSSL is a 51 per cent subsidiary of Bharat Forge Limited.
"Keeping with its commitment to Make-in-India', the JV partners have invested in best in class production facilities, state of the art engineering services, and extended life cycle support (MRO) for systems supplied to Indian defence force," Bharat Forge said in a regulatory filing.
KRAS is expected to ramp up its employee strength to 300 technical experts by 2023, it added.
Bharat Forge shares were trading up 3.42 per cent at Rs 458.35 apiece on the BSE.