Bharat Electronics Deals With Northrop Grumman

The media had reports that Bharat Electronics Ltd may enter into a deal with the third largest defence contractor of the US - Northrop Grumman Corporation to develop air traffic controls in India.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Bharat Electronics Ltd has vide its letter inter-alia stated, "It is clarified that the Company is entering into a Memorandum of Understanding (MOU) with the American Company, M/s Northrop Grumman Overseas Service Corporation for the purpose of identifying market opportunities commensurate with their respective technology and to identify the possibility of mutually beneficial collaborative efforts. This will be followed by a Teaming Agreement in the course of time. This MOU is a part of the Company's continuous efforts to explore new business opportunities through collaborative efforts and is futuristic in nature." -- www.nseindia.com