The PSU company highlighted that, “This initiative opens the future path in the field of indigenous defence manufacturing for development of high end strategic technology product of IRST for various platforms in global competitive environment.”

Further the company added that, the proposed IRST system will be a high end strategic technology product in the field of defence avionics and technically competitive to existing IRST system in the global market. The system will enhance the Indian Air Force's air superiority.

State-run BEL is a Navratna PSU under the Ministry of Defence, Government of India. It manufactures electronic products and systems for the Army, Navy and the Air Force. The Government of India held 51.14% stake in BEL as on 31 December 2021.

Hindustan Aeronautics (HAL) is bengaluru based defence public sector company .The company engaged in Defence Production. The Government of India held 75.15% stake in the company.

Shares of Hindustan Aeronautics gained 0.74% to end at Rs 1644.85 while, Bharat Electronics added 1.87% to close at Rs 250.45 on BSE.