India, Russia to make Military transport planes

New Delhi: India and Russia have signed a deal to set up a joint venture for manufacturing military transport planes.Under the deal, each country will pay 300.35 million USD to the JV's charter capital, Ria-Novosti reported today.
The agreement was signed by the representatives of the Hindustan Aeronautics Ltd (which will have 50 per cent shares of the JV), United Aircraft Corporation (UAC) Transport Aviation (25 per cent) and Rosoboroexport (another 25 per cent of shares).
''This is the first step towards setting up of a new joint venture which is undertaken in accordance with the inter-governmental agreement between the two countries'', Alexandern Fomin, Deputy head of the Federal Military-Technical Cooperation Service, said here.
It will take two months to register the JV which will be named MTA Limited and will have its headquarters in India. A subsidiary will also be registered in Russia.
10/09/10 United News of India/Central Chronicle

To Read the News in full at Source, Click the Headline

Categories: Foreign Sep 2010, Indian Aviation- In General Sep 2010, New Sep 2010