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Ambarish Mukherjee

New Delhi , April 28

THE Israel-based defence equipment manufacturer International Technologies (Lasers) Ltd (ITL) has finalised plans to have equity participation in an Indian outfit through which it would have a manufacturing base in the country and sell its products to Indian army and paramilitary forces.

The company has finalised plans to acquire a 26 per cent stake in Alpha-ITL Electro-Optics Private Ltd, a 100 per cent export oriented unit.

ITL specializes in the development of products and systems designed to enhance night fighting capabilities of the armed forces as well as providing daytime electro-optical solutions. The company's products include night vision systems, laser aiming devices, laser range finders and target acquisition systems, dry zeroing devices and searchlights and illumination devices.

The company is a leading supplier to the US Marine Corps, the US army and Special Forces, Israel Defence Forces and NATO member countries.

The company proposes to make its Indian operations a sourcing base for the parent as well as supply to the Indian buyers. Officials said that the company had asked for treating the supplies made by the Indian subsidiary to the Indian defence forces as deemed exports and the permission has been granted. This would mean that the company would be able to make duty free sales of its products to the defence and paramilitary forces within the country, officials said.

ITL is listed on the Tel Aviv Stock Exchange (TASE). Its major shareholders are SOLTAM Systems Ltd (56 per cent) and a group of ITL managers (20 per cent). The company has two subsidiaries - US-based ITL Inc and Israel-based NA-OR Systems.

It has also received a formal clearance from the Foreign Investment Promotion Board (FIPB) for its investment plans.

The company also plans to invest in research and development of newer technologies and products. Globally, ITL invests around 12-15 per cent of its revenues in R&D activities.

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