India and Russia have incorporated a joint venture company, named India-Russia Helicopters Limited, to manufacture and assemble the much-needed 160 multi-role helicopters for the Indian Air Force (IAF).
New Delhi (Sputnik) — India's Ministry of Corporate Affairs incorporated the India-Russia Helicopters Limited Company on Tuesday.
"This marks the formal creation of the Joint Venture between Hindustan Aeronautics Limited of India and Russian Helicopters and Rosoboronexport of Russia and is a key milestone in the production of Ka-226T helicopters in India with Russian collaboration," a press release from the Indian embassy in Russia said.
Russia's Rostec Corp will own 49.5 percent stake while India's HAL will own the remaining 50.5 percent in the joint venture. Under the deal for 200 Kamov Ka-226Ts, 60 helicopters will be received in fly-away condition from Russia while another 40 will be assembled in India and the remaining 100 will be fully built in India.
Indian Defense Minister Arun Jaitley had said recently that New Delhi and Moscow have been involved in a discussion to set up another manufacturing plant in India but had not said what the product would be.
This story first appeared on Sputnik & is reposted here with permission.