State-owned company Bharat Dynamics Ltd., (BDL) has paid a dividend to the Indian Ministry of Defense (MoD) of INR230 million on October 12, 2007, after a financial year in which the company recorded a 22% fall in turnover. BDL recorded a turnover of INR4.3 billion, and additionally company's profits fell for more than 50% in FY05-06 to INR500 million in FY06-07. The company has stated that it is ... [Show full abstract] not prepared to explain the reasons for the fall and there are only measures to rectify the situations. The company has been in the negotiations with three foreign companies including Israel Aerospace Industries, Israel Military Industries, and Finmeccanica over the formation of joint ventures to produce a range of missile integration systems. BDL has been in the long partnership with Europe's MBDA to produce Milan ER anti-tank missiles in which Indian company licenses to produce weapons for the Indian armed forces.