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Stop CPP investments in firms selling military, police, spy or prison-related products
to Israel

Bharat Electronics Ltd. Canada
in 2011

$1 million

This is the online version of
Profiting from Israeli Apartheid:
Canada Pension Plan (CPP) Investments in Corporations Supporting Israelís Military-, Police-, Surveillance-, Prison-Industrial Complex (Part 1)"
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With annual military revenues of US$998 million, this state-owned firm is the second largest war industry in India and the 63rd largest in the world. About 82% of its total revenues come from military sales, which include missiles, sonar, weapons-firing systems, radar, optoelectronics and training simulators.

The close military links between India and Israel are exemplified by partnerships, joint ventures and contracts between Bharat and some of Israelís largest war industries.

(1) Rafael: In 2008, Bharat announced a joint venture with Rafael. (See "State-owned Israeli War Industries.") They agreed to jointly produce "missile electronics and guidance technologies." In 2010, India Defence Online noted that the "joint venture will produce missile seekers or ĎHomersí for both the countryís needs." These homing devices, for use by the Indian and Israeli militaries, are guidance systems used in interceptor missiles. These radar systems control "the core actions of the missile" such as the "detection of enemy targets." They also guide "the missile to destroy the target." Bharat holds 74% in the venture, while Rafael owns the rest.

(2) Israel Aerospace Industries (IAI): Bharat is making subsystems for Unmanned Aerial Vehicles built by Malat, a subsidiary of state-owned IAI. Another Bharat-IAI project was to upgrade Indiaís Schilka tank weapon system, including its radar, weapons-firing systems, engines, optronics and displays. (See "State-owned Israeli War Industries.")

(3) NICE Systems: Bharat is the "strategic partner" and "prime contractor" for this Israeli "homeland security" company on a "video surveillance" system which uses "advanced video analytics" and "multimedia incident information management." (See NICE Systems in table "CPP Investments.")

(4) Elisra Electronics: Bharat and Elisra, a subsidiary of Israelís largest war industry, Elbit Systems, are working together on "various airborne electronic warfare programmes."

(5) Aryt Industries: Bharat has a ten-year cooperation agreement with this Israeli military electronics and electro-optical equipment maker. The joint project will supply one million electronic artillery fuses for India.

While some of these relationships between Bharat and Israeli military firms serve primarily to promote Israelís export of weapons systems to India, there are spin-off effects which build the capacity of Israelís war industries to meet the needs of their own governmentís military forces.



COAT research (published in Issues 66 and 67 of Press for Conversion!) exposes that in 2011 the CPP owned about $1.5 billion worth of shares in 68 corporations supplying Israel with military, police, surveillance and prison-related products.

To read COAT's research on the first half of
these 68 companies, click the pdf links below
to see the print version of Issue 66.  Or, click
each company name for the web version.)
(Articles on the second set of 34 companies
are in Issue #67 of Press for Conversion!):

pdf  3M Co
Amdocs Ltd
pdf  Analog Devices Inc

pdf  AT&T
pdf  BAE Systems
pdf  Bank Hapoalim
pdf  Bezeq
pdf  Bharat Electronics Ltd
pdf  CAE Inc
pdf  Carlyle Group
pdf  Caterpillar Inc
pdf  Cellcom Israel
pdf  Cemex
pdf  Cisco Systems
pdf  CRH plc
pdf  Daewoo Engineering & Construction
pdf  Daimler AG
pdf  Delek Group
pdf  Dell Inc
pdf  Discount Investment Corp
pdf  Doosan Corp
pdf  Eaton Corp
pdf  Elbit Systems
pdf  EMC Corp
pdf  Evraz Group
pdf  Fiat Industrial
pdf  Fiat SpA
pdf  Finmeccanica
pdf  Fujitsu Ltd
pdf  Hewlett-Packard Co
pdf  Hitachi Ltd
pdf  Honeywell International
pdf  Hyundai Motor Co
pdf  Hyundai Heavy Industries

Additional resources from this issue:
Israeli Spy Companies:
Verint and Narus

State-owned Israeli War Industries:
, IMI and Rafael

Vertex Venture Capital:
Investing in Israeli High-Tech Companies

Table listing CPP Investments


Table listing CPP Investments worth $1.5 billion in 66 companies supporting Israel's military, police, surveillance, prison-industrial complex.

Table listing additional investments totalling $4.5 billion by six large Canadian pension funds (including CPP) in the 66 companies researched by COAT.

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Top 100 Defense Contractors, Defense News

Rafael and BEL agree to set up JV, Feb. 16, 2008.

Bharat Electronics & Rafael to Forge Tie-up for Missile Seekers, April 27, 2010.

"BEL records Rs.4114 cr turnover," April 30, 2008.

"BEL signs term sheet, MoUs at Defexpo 2008," February 21, 2008.

Notice to Shareholders, September 1, 2009.

"TEXT-Nice Systems gets India deal worth over $5 mln," Reuters, May 24, 2010.

"Electronics co Aryt progresses in India Army bid," Globes, March 24, 2010.