Micronet Enertec Tech Subsidiary Teams Up With Cyient

Micronet Enertec Technologies (MICT) said early Thursday its subsidiary Enertec Systems 2001 signed an agreement with India’s Cyient DLM to jointly pursue contracts with Israeli aerospace and defense companies. The duo is targeting companies with offset obligations in India, according to a statement.

One of Enertec’s largest Aerospace and Defense customers recently received a $1.1 billion contract from the Indian government. This contract is one part of a $3 billion agreement between India and Israel’s top aerospace and defense contractors. “Trade contracts of this magnitude increases the need for more offset transactions, whereby Israel is obligated to purchase aerospace and defense services from India,” said David Lucatz, the CEO of Micronet Enertec.

By Brad Salt