HAL gets okay for venture with VC co

New Delhi: US-based venture capital firm Edgewood Ventures has obtained permission from FIPB to set up a 26:74 joint venture with state-owned defence aerospace manufacturing company Hindustan Aeronautics Limited (HAL).
This JV firm will design and develop high-tech products in the fields of electronics, software, hardware and aeronautical systems required for aviation, aerospace and satellite projects. It will set up a manufacturing facility of multi chip module vertical integration (MCM-V) and system-in-package (SIP) to create products for customers in the defence and space segments.
The Edgewood Ventures would invest in JV through its Indian arm, Edgewood Technologies, according to government sources. These modules to be executed by the joint venture are also known as 3D System will be licensed from France-based firm 3D Plus under a technology collaboration arrangement. The joint venture company will invest Rs 1.56 crore in the various activities in India.
10/03/07 Sunny Verma & G Ganapathy Subramaniam/Economic Times

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Categories: Foreign Mar 2007, General Aviation Mar 2007