Kalyani Group, the owners of Bharat Forge, have finalized the shareholding for the joint venture partnership with Rafael Advanced Systems. The new company is said to focus on a range of technologies and systems, like missile technology, remote weapon systems and advanced armour solutions.

The JV has issued and allotted over 10 million equity shares of Rs. 10 each, on a preferential basis to Rafael. Post the transaction, Kalyani Strategic Systems Limited (KSSL) owns 50% of the company, while Rafael Advanced Defense Systems hold 49%. Kalyani TechnoForge Limited (KTFL) owns 1%.

Rafael noted during the JV effort that the India is becoming a "strategic market" for the firm. It has also formed a JV partnership with the Anil Ambani helmed Reliance Defence for specialized areas such as air to air missiles, and other defence projects.