Bharat Electronics (BEL) and Hindustan Aeronautics (HAL) are reportedly planning to set up Rs 100 crore defence innovation fund. The main objective of the fund is to promote start-ups in the defence sector. When this is set up, the defence PSUs will also be encouraged to take up greater outsourcing from the private sector besides vendor development.
Both the entities are planning to set up the organisation with a focus on identifying and developing innovative products for the defence sector. The company or organisation will be aided and advised by a knowledge partner to handhold BEL-HAL in identifying start-ups or innovation that suits the country’s defence needs.
Bharat Electronics is a multi-product, multi-technology, multi-unit conglomerate with over 350 products in the areas of military communication, radars, naval systems, C4I systems, weapon systems, homeland security, telecom & broadcast systems, electronic warfare, tank electronics, electro-optics, professional electronic components and solar photovoltaic systems.