Tata Advanced Systems and Israel Aerospace Industries (IAI), Israel's largest defence and aerospace company, on Monday agreed to establish a joint venture to make missiles, pilotless drones, electronic warfare systems and other defence equipment.
Ratan Tata, Chairman, Tata Sons, and Itzhak Nissan, President and Chief Executive Officer of state-owned IAI, on Monday signed a memorandum of understanding forming the joint venture, on the sidelines of the DefExpo 2008 in New Delhi. The JV will also help other Indian companies to develop technology as suppliers to IAI.
"We believe that the coming together of Tatas and IAI will positively impact the growth of the defence industry in India and complement the efforts of our Defence labs, Ordnance factory board and defence public sector undertakings," Ratan Tata said.
"The new IAI-TATA JV reflects our commitment to deepen our relations with Indian industry," said Itzhak Nissan.
"Together, we will be able to offer a wide range of defence products and to boost the capabilities of local Indian defence industries."
This joint venture is the fourth major defence deal within a week for Tata Advanced Systems, the wholly owned subsidiary of Tata Industries, which is focused on defence and aerospace solutions.
On Saturday, the company announced a tie-up with European Defence and Aerospace Consortium to bid for the $1 billion advanced tactical communications system project of the Indian Army.
On Friday, the company teamed up with US-based Sikorsky Aircraft Corporation to make cabins for Sikorsky's S-92 helicopters and announced a joint venture with Boeing for defence-related aerospace components work in India.