The Tata group is in talks with Israel`s Rafael Armament Development Authority to form a joint venture to compete for the supply of defence systems to the Indian Army.The two sides raised the issue during the sixth biennial Aero India exhibition held in Bangalore recently, said reports in the Israeli media.
A Tata group spokesperson told Business Standard that the group was in talks with several companies after the opening up of the defence sector. "We will announce any decision in this sector at an appropriate time," he said.
The move is in keeping with the group's target of achieving Rs 2,200 crore revenues from the defence sector by 2007-2008.
Tata group Chairman Ratan Tata had met up with Rafael CEO Yedidia Yaari and other senior executives at the exhibition, stated the report.
The joint venture is expected to give the Tatas access to the much-needed range of defence systems that the Indian Army wants.
Incidentally, state-owned Hindustan Aeronautics also has a cooperation agreement with Israel Aircraft Industries.
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