New Delhi: Kalyani Group, the owners of Bharat Forge Ltd, will form a joint venture with Israel’s Rafael Advanced Defence Systems Ltd to develop and manufacture high-technology systems for the defence sector.

Their joint venture company will include a wide range of technologies and systems, like missile technology, remote weapon systems and advanced armour solutions.

Kalyani will hold 51% of the stake in the company while Rafael will hold 49%.

“We believe in the vision of ‘Make in India’ and our proposed Joint Venture with Rafael is a step in this direction," Baba Kalyani, chairman and MD, said in a statement.

“Rafael has been an active participant in the Indian defence market for the past few years. We have always endeavoured to contribute to the modernisation of the Indian Armed Forces. As part of our global strategy, we form alliances to develop military applications based on our proprietary technologies and in Kalyani Group we see a lot of synergy and opportunities for growth in new markets and especially in India which is strategic market for us," said Brig. Gen (Retd), Itzhak Gat, Chairman, Rafael.

Kalyani had announced a tie up with Boeing Co. on Wednesday to make titanium parts for Boeing 737 aircraft.