Israel Aerospace Industries and TATA Have Signed a Framework Agreement to Cooperate in the Development, Manufacturing and Support of Defense Products in India
May 13, 2008
Mr. Itzhak Nissan, President and CEO Israel Aerospace Industries Ltd (IAI) and Mr. Ratan N. Tata, Chairman Tata Sons have signed a framework agreement for cooperation in the development, manufacturing, marketing and support of defence products in India. This agreement was signed following a Memorandum of Agreement that was signed on February 17 in New Delhi during the Defexpo defense show.
The cooperation agreement between IAI and Tata Advanced Systems Ltd. (TASL) covers a wide range of defense and aerospace products, including Missiles, UAVs, Radars, Electronic Warfare (EW) systems and Home Land Security (HLS) systems.
An agreement for establishing a JV Company in India will be signed between the parties shortly. The company will serve as the main vehicle for the implementation of the parties' cooperation and establish local indigenous capabilities.
TASL 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 Agreement: "This agreement reflects IAI’s evolving relationship with India and with the Indian industries. India is a leading market for IAI, and partnerships with Indian industries are part of our long-term strategy. The JV Company will further improve IAI’s capability to best serve our Indian customers, and it will serve as a platform to develop new business opportunities.”
Israel Aerospace Industries, Ltd. (IAI), formerly known as Israel Aircraft Industries, is the largest aerospace and defense company in Israel. IAI is Israel’s largest industrial exporter and a globally recognized leader for the defense and aerospace markets. IAI provides unique system-of-systems solutions for a broad spectrum of needs in space, air, land, sea and homeland defense, including: unmanned air vehicles (UAV), radars, mission aircraft, AEW, EW, ELINT/ESM, SIGINT and COMINT/COMJAM, aerial refueling, Anti-Tactical Ballistic Missiles (ATBM), missiles, smart weapons, satellites and launchers, navigation, upgrading of military aircraft and helicopters. IAI is also a leader in maintenance and conversion of commercial aircraft, as well as design, development and production of business jets and many other core technologies, products and services.
IAI's sales for 2007 totaled $3.3 billion compared to $2.8 billion in 2006, an 18 percent increase. $2.7 billion (82 percent) of these sales are for export. IAI’s 2007 net profit totaled $126 million, 3.8% of its sales. IAI employs more than 16,000 employees.
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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