Israel Aerospace Industries and TATA Will Establish a Joint Venture Company to Develop, Manufacture and Support Defense Products
Feb 17, 2008
Mr. Itzhak Nissan, President and CEO Israel Aerospace Industries Ltd (IAI) and Mr. Ratan N. Tata, Chairman Tata Sons today signed a Memorandum of Understanding to establish a Joint Venture Company in India. The new Company will be set up by Tata Advanced Systems and IAI, and will develop, manufacture and support a wide range of defense and aerospace products, including Missiles, UAVs, Radars, Electronic Warfare (EW) systems and Home Land Security (HLS) systems.
The new JV Company will also perform offset work for IAI and other defense and aerospace programs in India, and it will establish local indigenous capabilities to best support IAI’s Indian customers.
Tata Advanced Systems is a wholly owned subsidiary of Tata Industries focused on providing integrated solutions for Defence and Aerospace.
Mr. Itzhak Nissan said after the signing of the MoU: "The new IAI-TATA JV reflects our commitment to deepen our relations with the Indian industry. TATA is one of the most trusted business groups in India, and is well-known around the world for its excellence and ingenuity. Together, we will be able to offer a wide range of defense products and to boost the capabilities of the local Indian defense industries."
Mr. Ratan N. Tata said: "We believe the coming together of the Tata and IAI will positively impact the growth of the defence industry in India and complement the efforts of our Defence Labs, Ordnance Factory Board and Defence Public Sector Undertakings."
The Tata Group is one of India's largest and most respected business conglomerates, with revenues in 2006-07 of $28.8 billion (Rs129,994 crore), the equivalent of about 3.2 per cent of the country's GDP, and a market capitalization of $65 billion (as on Feb 8, 2008). Tata companies together employ over 300,000 people.
For further information, please contact:
Doron Suslik
Deputy Corporate Vice President for communications
Tel: 972 (3) 935-8509
Fax: 972 (3) 935-8512
Email: hpaz@iai.co.il
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