UPDATE 1-Morgan Crucible JV gets 84 mln stg UK govt contract

* Says unit forms 50:50 JV with Force Protection

* Joint venture to create 50 new jobs

* To supply 97 heavy tactical support vehicles

* Deal to give Morgan unit 30 mln stg in rev

* Morgan Crucible shares rise 4 pct in early trade (Adds details, share movement)

April 6 (Reuters) - British industrial materials group Morgan Crucible Co Plc (MGCR.L) said a joint venture between its unit and U.S.-based Force Protection Inc (FRPT.O) received an 84 million pound ($124.6 million) defence contract from the UK government.

The company said Integrated Survivability Technologies Ltd (IST), the 50:50 joint venture formed by its vehicle armour maker unit NP Aerospace Ltd and Force Protection, would supply 97 Wolfhound Tactical Support Vehicles to the British Ministry of Defence.

The joint venture will also create 50 new jobs within NP Aerospace and the supplier base, Morgan Crucible said in a statement on Monday.

The contract will provide NP Aerospace with more than 30 million pounds in revenue, Morgan, whose carbon and ceramic components are used to make products from body armour to hip replacements, said.

The company had raised its stake in NP Aerospace to 60 percent in January.

Force Protection designs, develops and makes ballistic- and blast-protected wheeled vehicles, deployed by the United States military.

In February, Morgan Crucible had warned of falling orders as it expected a challenging year ahead.

The company has reduced its exposure to the automotive and semi-conductor sectors and focuses on the defence, aerospace and medical markets, which it sees as having good potential.

At 0824 GMT, Morgan Crucible shares were up 3.3 percent at 94.5 pence on the London Stock Exchange. They touched a high of 95.25 pence earlier in the session. ($1=.6740 Pound) (Reporting by Austin Lobo in Bangalore; Editing by Gopakumar Warrier)