India, Russia to ink transport aircraft JV agreement in September
August 19th, 2009 - 8:25 pm ICT by ANIMoscow, Aug.19 (ANI): India and Russia are expected to ink a deal for the setting up of a joint venture for production of state-of-art multi-role transport aircraft (MTA) for their air forces.The agreement is expected to be signed next month during Defence Minister A K Antony’s visit to Moscow.
A news agency report quoted V Balakrishnan, General Manager of Hindustan Aeronautics Ltd (HAL) aircraft manufacturing division,as saying that Russia has cleared the formalities for the creation of the 50-50 JV.
Russian Prime Minister Vladimir Putin has allocated funds for financing Russia’s share, he told the news agency on the sidelines of the International Aero-space show ‘MAKS-2009′.
From the Indian side HAL will hold 50 per cent equity in the JV.
The inter-government agreement for the joint development and production of MTA was inked in 2006 during the then President Putin’s visit to India. (ANI)
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Tags: aero space, air forces, antony, defence minister, formalities, government agreement, hindustan aeronautics ltd, India, joint venture, moscow, mta, news agency, president putin, russia, russian prime minister, sidelines, space show, state of art, transport aircraft, vladimir putin