India, Russia to ink transport aircraft JV agreement in September
Moscow, Aug.19 (ANI): India and Russia are expected to ink a deal for the setting up of a joint venture for production of state-of-art multi-role transport aircraft (MTA) for their air forces.
The agreement is expected to be signed next month during Defence Minister A K Antony's visit to Moscow.
A news agency report quoted V Balakrishnan, General Manager of Hindustan Aeronautics Ltd (HAL) aircraft manufacturing division,as saying that Russia has cleared the formalities for the creation of the 50-50 JV.
Russian Prime Minister Vladimir Putin has allocated funds for financing Russia's share, he told the news agency on the sidelines of the International Aero-space show 'MAKS-2009'.
From the Indian side HAL will hold 50 per cent equity in the JV.
The inter-government agreement for the joint development and production of MTA was inked in 2006 during the then President Putin's visit to India. (ANI)