Boeing keen to develop India's aerospace industry

New Delhi: Leading U.S. aircraft manufacturer, Boeing Co is looking to bid for defence projects worth up to $20 billion over the next 10 years in India, a top official said.
The company is also submitting a detailed proposal to the Indian government on Aug. 4 to help build the country's aerospace industry and transfer defence technology to meet government conditions for defence contracts.
"The opportunity the way we look at is tremendous in India in the next few years, in terms of growing industry and partnership," Vivek Lall, India country head of Boeing's Integrated Defense Systems (IDS) said on Wednesday.
"I think it is a win-win and I think we can bring the best of Boeing in India and best of India to Boeing," Lall told Reuters.
India is fast becoming one of the world's biggest arms importers. The country is looking to spend $50 billion on imports over the next five years to modernise its largely Soviet-era arms.
India is also keen to strengthen its own aerospace industry and has asked major weapon exporting countries to transfer defence technology to India.
As a condition of granting defence contracts, India has said 30 percent of all defence deals valued at over $3 billion have to be reinvested in the country -- either through purchase of components from Indian companies or establishing joint ventures to make parts in India.
16/07/08 Bappa Majumdar/Reuters/Forbes, USA

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Categories: Foreign Jun 2008