State-run Kerala High-tech Industries Ltd (KELTEC) is all set to become part of the Indo-Russian joint venture cruise missile project, BrahMos Aerospace.
Winding up the long-drawn negotiations in this regard, an agreement for the transfer of the unit to BrahMos would be signed here between the Kerala Industries Department and Defence Research and Development Organisation (DRDO) on Wednesday evening.
The agreement will be signed by DRDO's chief controller A Sivathanu Pillai and state principal secretary to state industries department, T Balakrishnan, in the presence of Industries Minister Elamaram Kareem.
With the transfer, Thiruvananthapuram-based KELTEC would be renamed as BrahMos Aerospace (Thiruvananthapuram) Ltd, a spokesman in the industries department said.
As per the agreement, the DRDO will have a majority stake in the project with BrahMos expected to pump in Rs 100 crore initially for strengthening the unit. Besides playing a vital role in missile production, the unit will also supply certain critical components for defence services and co-operate with ISRO's projects to develop new generation launch vehicles.
The unit will be formally taken over by BrahMos at a function next month to be attended by Defence Minister A K Antony.
