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India’s major corporate house Tata Group has announced the tie-up of its subsidiary Tata Advanced Systems (TAS) with Israel Aerospace Industry (IAI) for setting up and developing advanced technology systems for the Indian defence sector.
IAI will own 26 percent of the joint venture and Tata Advanced Systems will own 74 percent.
The joint venture will be called Nova Integrated Systems and will have an initial Foreign Direct Investment of about $50 million. The company intends to make missiles, pilotless drones, electronic warfare systems and other defence equipment.
Nova Integrated Systems is finalising plans to commence construction and build a world class facility for defence systems which will help the development of cutting-edge technology to the Indian defence sector.
The Tata Group has been allotted 30 acres at the aerospace special economic zone (SEZ) being developed by the Andhra Pradesh Industrial Infrastructure Corp (APIIC) at Adibatla near Hyderabad.
The latest partnership is the fourth major defence deal signed by Tata Advanced Systems in recent weeks. The other deals signed by the Tata group companies are with American Aircraft major Boeing, leading helicopter firm Sikorsky and the European Defence and Aerospace Consortium.
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