The deed document for handing over state-owned Kerala Hightech Industries (Keltec) to BrahMos for the manufacture of supersonic cruise missiles will be signed on December 5 at a function to be held at Hotel Residency Towers here at 3 pm.The document will be signed by BrahMos chief and DRDO chief controller A Sivathanu Pillai and Industries Principal Secretary T Balakrishnan in the presence of Industries Minister Elamaram Kareem.With the takeover, Keltec will be renamed as BrahMos Aerospace (Trivandrum) Ltd. It will be a joint-venture of the Government of India and the Russian Government.The Defence Research and Development Organisation (DRDO) will have majority stake in the project. The formal transfer of Keltec to BrahMos will take place in January at a function to be hosted by the State Government in the presence of Defence Minister A K Antony.Apart from missile production BrahMos plans to develop new generation launch vehicles for space applications for ISRO and supply all critical components for DRDO and BARC.BrahMos will invest Rs 100 crore and ISRO Rs 25 crore initially for enhancing facilities. The projected annual turnover of BrahMos in Thiruvananthapuram is Rs 500 crore within three years and Rs 1000 crore within a span of five years.The new company will be a potential anchor industry capable of providing host opportunities to the small and medium sector industries in the state in addition to ensuring a long-term market for the proposed titanium sponge company in the state. All Keltec employees will be absorbed by the BrahMos.
Source: Newindpress.com
5th December, 2007