Tata Power signs deal with Lockheed Martin JV
Lockheed Martin's joint venture company with Raytheon, Javelin Joint Venture, signed a deal with Indian power conglomerate Tata Power. The deal was inked to explore opportunities to develop and produce the joint venture's missile system, called the Javelin anti-armour missile system. The companies signed the letter of intent, bringing the defense leaders to help produce improved missile systems for Indian conditions.
Tata Power is one of India's leading electric companies based in Mumbai, part of the Tata Group conglomerate. Started in 1911, the company now has garnered revenues of over $5 billion. Tata Power has increased operations to multiple other countries, including India, Singapore, Indonesia, Bhutan and South Africa. Its domestic operations is spread across 35 different locations in India.
Lockheed Martin is one of the world's biggest defense and aerospace company that supplies and develops materials for aeronautics and security systems. Raytheon Company is an American defense and military system contractor, with major interests in space and missiles development. The two companies partnered to form the Javelin Joint Venture, to develop anti-armour weapon system, providing military customers medium-range missiles.
"This agreement brings together three world leaders in aerospace and defense technology to extend Javelin to new customers, new applications and new platforms. With this deal, we are also reinforcing our continued support of the 'Make in India' initiative." Raytheon Missile Systems.
The Javelin missile system is touted to one of the most compact missiles that is developed for a single soldier operating across various environments. The deal will see the American companies and India's Tata Power develop strategies that will help enable production of the same Javelin system in platforms across India. It is currently used by the U.S. Army and the U.S. Marine Corps.
"The combat-proven Javelin continues to fulfil a critical precision-strike role with our domestic and international partners. We look forward to working with Tata Power SED to maximize the versatility and lethality of Javelin on these new platforms," said Rich Benton, Javelin Joint Venture Vice President.