DCX Systems spurts on strategic JV with Israel's ELTA Systems
The partnership aims to establish a new Joint Venture Company (JVC) in India focused on developing advanced radar systems under the governments "Make in India" initiative.
The JVC will specialize in airborne maritime radar systems, fire control radar systems and other radar technologies designed for both airborne and land applications. According to the filing made by DCX Systems with the stock exchanges today, the venture underscores a long-standing relationship between the two entities and leverages complementary expertise in the radar and defense electronics space.
As per the agreement, ELTA Group will hold a 63% stake in the new entity and DCX Systems will hold the remaining 37%.
Initially, the board of the JVC will comprise four directorsthree from ELTA and one from DCX. However, upon DCXs full investment into the venture, the board will expand to five directors, with DCX gaining one additional seat.
Leadership positions in the new company, including CEO and CFO, will be nominated by ELTA, subject to board approval. ELTA will also grant the JVC an exclusive license to use its radar technology in India, except for government-to-government (G2G) and government-to-commercial (G2C) projects.
This collaboration is expected to significantly enhance Indias indigenous radar manufacturing capabilities. The move is aligned with India's push to reduce dependence on imports in the defense sector and become a global defense production hub.
The agreement outlines various governance and operational structures, including reserved matters, intellectual property rights, and a call option mechanism in the event of a deadlock.
No related party relationships exist between the two entities, and the proposed equity shares to be issued to DCX will be priced at fair market value, in compliance with applicable laws.
DCX Systems is an Indian defense manufacturer specializing in the production and supply of electronic systems, subsystems, and cable & wire harness assemblies for international and domestic customers.
On a consolidated basis, net profit of DCX Systems declined 25.19% to Rs 10.01 crore while net sales rose 0.93% to Rs 200.01 crore in Q3 December 2024 over Q3 December 2023.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
15 minutes ago
- First Post
‘Bizarre and self-destructive': Sachs warns Trump's tariffs risk isolating America, hails India's measured response
Renowned economist Jeffrey Sachs has sharply criticised US President Donald Trump's tariffs on India, calling them 'bizarre' and 'very self-destructive of US foreign policy interests.' In an interview with ANI, Sachs said the tariffs undermine years of work to strengthen US-India relations and reflect a 'shocking level of incompetence' by the Trump administration. He highlighted that the tariffs, including a 50% levy imposed in July on Indian goods over continued Russian oil imports, are not only economically harmful but also potentially unconstitutional. STORY CONTINUES BELOW THIS AD 'He said years of hard work in improving US-India relations is being undermined by the Trump administration. 'It's a shocking level of incompetence. I see incompetence in the US government, I'm never surprised, but I'd say that this reached this level that I have to admit actually surprised me,' he said, answering a query regarding the Trump administration imposing 25 per cent secondary tariffs on India. Trump announced 25 per cent tariffs on Indian goods in July, even as there were hopes of an interim India-US trade deal that would have otherwise helped avoid elevated tariffs. A few days later, he imposed another 25 per cent tariff, taking the total to 50 per cent, citing India's continued imports of Russian oil. Sachs highlighted the legal challenges facing the Trump administration in the wake of tariffs.'…Tariffs are wrong in that they're destructive for the US economy. It violates international law. It's a breakdown of our political system in the United States. We have a constitution. We don't have one-person rule," he said, while also referring to powers of the Congress under Article I, Section 8 of the US Constitution. 'There's actually a lawsuit now in the US Appellate Court, which says that Trump has violated the law by imposing these tariffs. There's a real possibility that Trump's entire tariff regime will be deemed, as it should be, unconstitutional,' he added. The economist said that from an economic point of view as also geopolitical point of view, Trump's policies 'are doomed to fail'. 'They (tariffs) will not improve the US economy. They will isolate the United States geopolitically. They will strengthen the BRICS and other groups…,' Jeffrey Sachs told ANI. STORY CONTINUES BELOW THIS AD 'Trump hates the BRICS. Why? Because they stand up and say to the US, you don't run the world. The world is multipolar and we want to cooperate with you, but we don't want you to run the world. President Lula summarized it best. He said, we don't want an emperor. This is basically the point. Trump thinks he's an emperor,' he added. On India's diplomatic strategy, Sachs praised the government's measured approach. 'India's right. Take a deep breath. Don't do anything dramatic. Don't get too vituperative. I personally would do exactly what Prime Minister Modi's doing. He's flying to meet with President Xi Jinping. He's meeting with President Putin. He's meeting with President Lula. Those are India's real partners, by the way. Not only is the BRICS the fast-growing part of the world economy, but it's also the part of the world that says we don't want an emperor. We want multi-polarity and we want multilateralism,' Sachs said. STORY CONTINUES BELOW THIS AD Sachs praised India's measured diplomatic response, lauding Prime Minister Narendra Modi's strategy of engaging with global leaders including China's Xi Jinping, Russia's Vladimir Putin, and Brazil's Luiz Inácio Lula da Silva. 'India's right. Take a deep breath. Don't do anything dramatic… Those are India's real partners. Not only is the BRICS the fast-growing part of the world economy, but it's also the part that says we don't want an emperor. We want multi-polarity and multilateralism,' he said. India and the US began negotiations for a Bilateral Trade Agreement (BTA) in March 2025, aiming to conclude the first stage by October-November 2025. The talks focus on balanced access to sectors such as agriculture and dairy, which provide livelihoods to millions. Commerce and Industry Minister Piyush Goyal told Parliament that the Indian government is closely examining the impact of Trump's tariffs and will take all necessary steps to safeguard national interests. With inputs from agencies
Indian Express
15 minutes ago
- Indian Express
Indians' spending on online games not small, says CEA Nageswaran
Indians' spending on online games is not 'particularly small', Chief Economic Advisor V Anantha Nageswaran said on Thursday, days after the National Payments Corporation of India (NPCI) for the first time released monthly data breaking up payments made to various categories of merchants via the Unified Payments Interface (UPI). As per the data, UPI payments on digital games have averaged more than Rs 10,000 crore in the first four months of 2025-26. '…[T]ake a look at how much Indians are spending on online gaming every month. And the number isn't particularly small – it is Rs 10,000 crore per month. That's Rs. 1.2 trillion (in a year),' Nageswaran said while speaking at a meeting with statistical advisers in various ministries and departments, organised by the Ministry of Statistics and Programme Implementation (MoSPI). The government's top economist went on to tell the advisers present that a separate workshop could be conducted to discuss the implications for consumption spending, GDP growth, savings, and disposable incomes, without elaborating further. As per the NPCI data released earlier this week, UPI payments for digital games amounted to Rs 40,992 crore in April-July, which is almost equal to the amount spent via UPI in drug stores and pharmacies. These payments for online games made up 1.5 per cent of all person-to-merchant UPI payments worth Rs 27.77 lakh crore over the four-month period. In volume terms, they made up 3.4 per cent of all UPI transactions over April-July. Official data on money spent by Indians on online games has so far not been available, with the NPCI's latest publication only containing payments made via UPI. Even the statistics ministry's updated household consumption expenditure surveys, the last of which was conducted in 2023-24, only asks how much households spent via online payments for consumables and services in the previous 30 days, without specifically asking about games. As such, total spending on online games may be much higher than what the NPCI data suggests once other modes of payment, such as credit and debit cards, are considered. Gaming concerns What may concern policymakers is that the average transaction size via UPI for online games increased from Rs 208 in April to Rs 287 in July. To be sure, this could also be due to global video game publishers such as Epic Games and Ubisoft adding UPI as a payment option in June. Later, in July, another major games platform, Steam, enabled payment via UPI. Prior to UPI, the options available to video game players included credit and debit cards and internet banking. Other online games, especially those played on mobile phones, have increasingly become popular in India in recent years. These games, such as fantasy cricket – where winnings are based on a points-based system decided by outcomes of real-life games – and card games like poker and rummy have also been at the centre of the game-of-skill-or-chance debate which led to the imposition of a 28 per cent Goods and Services Tax on them. According to a PwC report from October 2024, India's online gaming market is expected to rise to Rs 66,000 crore by 2028 from Rs 33,000 crore in 2023, with the real-money gaming market doing Rs 16,500 crore of revenue in 2023. 'With one of the cheapest internet mobile data prices in the world, Indian smartphone users, exceeding 650 million, have developed a robust culture of data consumption for the purposes of entertainment and playing games. In 2023, an average Indian citizen was consuming 24.1 GB of data per month – an increase of 24 per cent over 2022,' the PwC report said. While online gaming is not banned in most states in India, many see some of these games – particularly those played on phones – as being similar to gambling, raising concerns about addiction as well as financial losses. The Ministry of Electronics and Information Technology, for instance, issued 1,410 blocking directions related to online betting, gambling, gaming websites, including mobile applications, from 2022 and until February 2025.
The Hindu
15 minutes ago
- The Hindu
Coimbatore MSMEs hope for lower GST rates
Micro, Small and Medium-scale Enterprises (MSMEs) in Coimbatore hope the GST rate revision announced by Prime Minister Narendra Modi will bring down the duties applicable for them. The Indian Chamber of Commerce and Industry, Coimbatore, welcomed the recent announcement by the Prime Minister regarding GST reforms. The proposed measures, including reduced tax rates, automatic GST registration, and faster input credit refund process, are expected to benefit entrepreneurs, especially small and medium enterprises and traders, said the Chamber president Rajesh Lund in a press release. The Southern India Engineering Manufacturers Association president Mithun Ramdass said the earlier duty (VAT regime) for pumpsets was 11%. When GST was introduced, pumpsets had 12% duty. However, some of the large brands suffered inverted duty structure and hence the rate was revised to 18%. 'The ideal rate should be 12%. However, since the 12% slab will be removed, we do not foresee any changes in GST for pumpsets,' he said. According to J. James, president of the Tamil Nadu Association of Cottage and Tiny Enterprises, the job working micro and cottage industries pay 18% duty and face Rs. 50 a day as penalty if the duty is not paid by the 20th of every month. The system should be simplified and the job working units should get exemption, he said.
