New Delhi, Feb. 16 -- Bharat Electronics Limited (BEL) has approved signing a Joint Venture Agreement (JVA) with Safran Electronics and Defence (SED), France, for the HAMMER weapon system project, according to a stock exchange filing by the company.

The approval was granted during BEL's board meeting held on Sunday. The operationalisation of the joint venture agreement will be subject to regulatory and administrative approvals from authorities in both India and France.

As part of the agreement, BEL and Safran Electronics and Defence will jointly incorporate a private limited company under the Companies Act, 2013. The registered office and principal place of business of the new company will be located in Pune or any other location mutual...