Bharat Electronics Limited (BEL)

Money Moves

As of May 2026: 50% partner in HAMMER joint venture

India has depended on Russia for weapons since the Cold War. That dependence peaked at 76% of arms imports in 2009-2013 but has now fallen to 36%—while France has surged to become India's second-largest supplier, accounting for 33% of defense purchases. On February 17, 2026, the two countries signed an agreement to jointly manufacture HAMMER precision-guided missiles in India.

Updated May 29