Military electronics and electro-optical equipment manufacturer Aryt Industries Ltd. (TASE: ARYT) and its Indian partner Bharat Electronics Ltd. (BSE: 500049) have passed to the next stage of a large tender for the supply of electronic artillery fuses to the Indian Army.
Bharat has been asked to supply electronic fuses for 105-mm artillery for a firing test by the Indian Army. The tender for the supply of 600,000 electronic fuses for 105-mm artillery is the largest of three tenders for the supply of one million electronic fuses for 105, 130, and 155-mm artillery for a total of $200 million.
Last August, Aryt announced that its subsidiary Reshef Technologies Ltd. (99.75% owned by Aryt) had signed a technological cooperation agreement with Bharat Electronics, a military electronics manufacturer. Bharat Electronics is India's second largest defense company, after Hindustan Aeronautics Ltd., and has 13,000 employees.
Last year, Aryt reported that, as part of a ten-year cooperation agreement with Bharat Electronics, Reshef would help Bharat bid in tenders for artillery fuses of various types, with Bharat financing 20% of the development and production costs.
Aryt's share price rose 8.7% by early afternoon today to NIS 0.85, giving a market cap of NIS 55 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2010
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