Larsen

Mumbai, Feb 09 (UNI) Larsen&Toubro (L&T) and the European Aerospace and Defence group EADS will take up joint exploration of business opportunities in defence and aerospace.

L&T's Senior Executive Vice President M V Kotwal and Executive Vice President and Head of Global Industrial Development of EADS Mr Daniel Baubil, today signed a Memorandum of Understanding (MoU) to establish a long-term, profitable and stable relationship to better address the needs of the aerospace and defence markets in India and around the world, the company said in a notice issued to Bombay Stock Exchange today. The signing took place at the Aero India 2007 exhibition in the city.

According to Mr Kotwal of L&T, ''The opening up and rapid growth of the defence market represents a major opportunity. This can lead to new forms of cooperation involving innovative technologies. As a company that has been supplying critical equipment and systems to the strategic sectors of defence and aerospace for over four decades, we welcome this opportunity to induct state of the art technology and expand our range of high value offering''.

The agreement between the company and EADS defines the formation of working teams to build a joint business model and appropriate common strategies on several key segments of the aerospace and defence market.

UNI