PTC Industries, Bharat Dynamics To Form JV for Missile and UAV Propulsion Systems

PTC Industries Ltd. on Sunday said it has signed a memorandum of understanding with Bharat Dynamics Ltd. to form a joint venture company. The new entity will design, develop, and manufacture propulsion systems, guided bombs, and aero-engines for missiles, unmanned aerial vehicles, and loitering military weapons, the company said in an exchange filing.

The collaboration aims to cut dependence on foreign suppliers and boost domestic manufacturing of propulsion systems, including liquid and solid rocket motors, and ramjet and turbojet engines for drones and UAVs, the company added.