Indian defense manufacturer Premier Explosives, has surged 15 percent on the BSE after the company announced that it has signed, a Memorandum of Understanding (MOU) with Israel Aerospace Industries (IAI) for exploring potential business opportunities.
Premier Explosives (PEL) is one of the major companies in India manufacturing the entire range of commercial explosives and accessories for the civil requirement. The company is also the only Indian private entity designing, developing and manufacturing solid propellants for Indian missiles viz. Akash, Astra, etc.
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Headquartered in Hyderabad, Premier Explosives also operates a state-of-art chemical manufacturing facility of Indian Space Research Organisation (ISRO) at Sriharikota and a solid fuel complex of advanced systems laboratory at Jagdalpur.
This latest collaboration comes as Israel and India tighten cooperation on defense projects. These projects include: joint Israeli-Indian development of the Barak 8 defense missile for protecting offshore gas rigs; a joint venture between Israel’s Rafael Advanced Defense Systems Ltd. and India’s Kalyani Group to produce missile systems, remotely controlled weapons positions, and advanced systems for the protection of tanks and APCs; and cooperation between IAI and India’s Alpha Design Technologies on the production of mini-drones.
