Airbus, Mahindra Group ink MoU to form joint venture company

Mahindra Defence Systems Limited, a subsidiary of Mahindra Group and Airbus Helicopter have inked pact to form a joint venture (JV) company to produce helicopters in India.
In this regard, both entities have signed a memorandum of understanding (MoU) to form a joint venture.
The tie-up will bid for defence contracts in India under the Union government’s flagship ‘Make in India’ programme. It will also help to develop an indigenous industrial ecosystem dedicated to helicopters especially for defence purpose.
The joint venture will supply dedicated state-of-the-art helicopters of high quality, reliability and safety standard based on combat-proven platform to Indian Armed Forces with Made-in-India tag.
It should be noted that the proposed joint venture after it’s formation will become the first private Indian helicopter manufacturer under the ‘Make in India’ programme.
It will also help to create hundreds of high-tech jobs locally and lead to a flow of cutting edge advance technologies to India in defence sector.

Month: Current Affairs - July, 2015