Tata group ties up with Israel Aerospace

By siliconindia   |   Tuesday, 19 February 2008, 00:51 IST
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New Delhi: Tata Advanced Systems, a wholly owned subsidiary of Tata Industries and Israel Aerospace Industries (IAI), have signed a Memorandum of Understanding to set up a joint venture company here. The new company would develop, manufacture and support a wide range of defense and aerospace products, including missiles, unmanned air vehicles, radars, electronic warfare systems and home land security systems, said a statement, issued after the signing ceremony. The MoU was signed by the Chairman, Tata Sons, Ratan Tata, and the President and Chief Executive Officer, IAI, Itzhak Nissan. The joint venture would also perform offset work for IAI, and other defense and aerospace program in India. It will establish indigenous capabilities to support IAI?s Indian customers. "The venture reflects our commitment to deepen relations with the Indian industry," said Nissan, after signing the MoU. "We believe that this venture will positively impact the growth of the defense industry and complement the efforts of Ordnance Factory Board and defense public sector undertakings and labs," Tata added.