Financial Daily from THE HINDU group of publications
Friday, Jul 22, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 22, 2005 |
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Alliances & Joint Ventures Logistics - Airlines HAL, Snecma sign pact for joint venture Our Bureau
Bangalore , July 21 HINDUSTAN Aeronautics Ltd and the French aerospace major Snecma have announced the signing of a shareholders' agreement to formalise their 50:50 joint venture. The new company, yet to be named, will be based in Bangalore and will begin operations in early 2006. It will have an initial investment of Rs 50 crore. It will make key components and assemblies of aero-engines and will become a centre of excellence. HAL will manufacture the engine parts using Snecma's technology to the new entity. HAL will also have additional export avenues and greater access to civil aerospace industry. The HAL Chairman, Mr Ashok K. Baweja, and the Snecma Chairman and CEO, Mr Marc Ventre, signed the agreement here. "Both the partners will benefit in a major way in the international market through this joint venture company," Mr Baweja said. "We hope that the first step will lead to a long series of future successes," Mr Ventre added. The new entity will initially make components for the CFM56 engines that power Boeing and Airbus aircraft. It will also make critical parts for Snecma and its sibling Turbomeca, both subsidiaries of Safran group, which is a helicopter engine major. Turbomeca has been contracted to supply 200 engines for HAL's light helicopter Dhruv.
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