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India’s Tata Advanced Systems Limited and Israel Aerospace Industries have floated a joint venture firm, Nova Integrated Systems Limited in India to manufacture Unmanned Aerial Vehicles (UAVs), Electronic Warfare Systems, Missiles, Radar Systems and Homeland Security Systems.
With an initial investment of $200 million, Tata Advanced Systems Limited will hold 76 per cent equity while IAI of Israel would control the remaining 20 per cent.
Tata Advanced Systems is a newly created subsidiary of the Tata Industries Limited. According to a Tata Group official, the company would pump in $150 million investment while the IAI would put in $50 million in the proposed joint venture.
The proposed joint venture will also undertake offset requirements of IAI which has bagged many defence contracts in India and is also undertaking joint development of medium-range surface-to-air (MRSAM) missile development along with Rafael and India’s Defence Research and Development Organization (DRDO).
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