Manufacturer of cables and wire harness assemblies DCX Systems Limited on Friday (September 12), said it has signed a non-binding memorandum of understanding (MoU) with the government of Tamil Nadu through its nodal agency, Guidance, at the TN Rising Investment Conclave, held on September 11, in Hosur, Tamil Nadu.
The MoU was signed in the presence of Tamil Nadu Chief Minister MK Stalin. The agreement supports the establishment of a state-of-the-art manufacturing facility for a joint venture company formed with ELTA Systems Ltd, Israel, and its group companies.
The joint venture company will focus on the development and production of airborne maritime radar systems, fire control radar systems, and other radar technologies for airborne and land applications under the ‘Make in India’ initiative.
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The manufacturing unit will be located in Hosur, part of India’s Defence Industrial Corridor, and will benefit from the Tamil Nadu Industrial Policy 2021 and Aerospace and Defence Industrial Policy 2022.
Through this MoU, guidance will provide infrastructural support, regulatory facilitation, and assistance in obtaining necessary approvals, clearances, and incentives to ensure smooth project execution in compliance with applicable laws.
Shares of DCX Systems Ltd ended at ₹275, up by ₹6.15, or 2.29%, on the BSE today, September 11.
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