TASL, IAI signs Joint venture agreement

Mumbai: Mr Ratan Tata, Chairman of Tata Sons, and Mr Itzhak Nissan, President and CEO, Israel Aerospace, signed a framework agreement for the formation of a joint venture.

The tie-up between Tata Advanced Systems Ltd (TASL) and Israel Aerospace Industries (IAI) to form a joint venture company in India had been announced earlier. The agreement for establishing the joint venture will be signed shortly, said a joint statement issued by Tatas and IAI here.

The framework agreement, which was signed on Monday at Tel Aviv, is to co-operate in the development, manufacturing, marketing and support of defence products in India.

This agreement was signed following a memorandum of agreement that had been signed on February 17 in New Delhi during the Defexpo.

The co-operation agreement between IAI and TASL covers a wide range of defence and aerospace products, including missiles, UAVs, radars, electronic warfare systems and home land security (HLS) systems. TASL, a wholly owned subsidiary of Tata Industries, focuses on providing integrated solutions for defence and aerospace.

IAI, formerly Israel Aircraft Industries, provides a range of defence products, including unmanned air vehicles, radars, mission aircraft, missiles, satellites and launchers.

“India is a leading market for IAI and partnerships with Indian industries are part of our long-term strategy,” Mr Itzak Nissan said in the statement.

The agreement is part of Tata’s strategy to develop capabilities in defence, said a Tata Advanced System spokesperson.