New Delhi, May 8 (UNI) Country's leading display-maker Samtel Display Systems Ltd (SDSL) today signed a joint venture agreement with French firm Thales for producing and selling Helmets Mounted Sight and Display (HMSD) and avionics systems.
The city-based SDSL will have 74 per cent stake in the JV named Samtel Thales Avionics Pvt Ltd, while the rest will be owned by Thales.
''We are delighted with the creation this joint venture. The investment in the joint venture will increase step by step,'' SDSL Chairman and Managing Director Satish Kaura told reporters here.
Initially, Rs 60 crore will be invested in this joint venture over a period of 2-3 years, he added.
The HMSD systems will be developed and produced in India with the aim of producing a true Indian product destined for the local market, he said.
The two companies are already working together on the supply of Head Mounted Sight and Displays for the MiG 29K combat aircraft for the Indian Navy.
Samtel had also floated a joint venture with aviation major Hindustan Aeronautics Ltd (HAL) for developing and manufacturing avionics display systems.
Samtel, with a total turnover of about 300 million dollars, is the leading manufacturer of displays for entertainment, professional and avionics applications in the country.
UNI MP SBA HS1807