New Delhi, Feb 17 : US aviation giant Boeing today said that it is committed to establish its presence in India, after it finalises 500 million dollars joint venture with the Tata Industries.
David Schweppe, Director, International Business Development, Boeing Integrated Defense Systems, said that the company wants to enhance their markets in India.
He said the Tata Industries and the Boeing have agreed to set up a joint venture worth 500 million dollars by June to build aerospace components.
"We are going to start phase one in excess of 500 million dollars over 1-10 years of time. Once we establish that an agreement is finalized in June. We would anticipate the potential of issuing sub-contracts to joint venture from Boeing, shortly thereafter," said Schweppe.
He said that Boeing is committed to make a presence in India.
"We want to establish our presence in India, we want to demonstrate visibly that we are committed to India. Also we are preparing ourselves for more complex programmes for future like MMRCA (medium multi-role combat aircraft)," he added.
Forty-six US companies, including Boeing, Raytheon, Lockheed Martin, Northroprumman and Sikorsky as well as the US Department of Defense have showcased their products at the Defence Expo'08, signifying the growing relations with India in the defence sector.
Altogether, 202 Indian companies along with 273 foreign manufacturers are showcasing their products at the Defence Expo'2008, held at Pragati Maidan in New Delhi from February 16-19.
The Department of Defence Production under the Indian Defence Ministry conceptualized the Defence Expo India exhibition in 1998 in partnership with the Confederation of Indian Industry (CII) with the objective to promote defence exports from India and at the same time exhibit the capabilities of Indian Defence R-D and production.
The Defence Expo India exhibition, which began in 1999 with 197 exhibitors, has grown to one of the most internationally recognized defence exhibitions in the world.