INDIA BUSINESS WORLD - NOVEMBER 16th - NOVEMBER 30th
- 2007
RAYTHEON INKS MOU WITH L&T FOR IAF AIRCRAFT
The US-based defence contractor Raytheon has signed a memorandum of understanding (MoU) with Indian engineering giant Larsen and Toubro (L&T) for developing fighter aircraft for the Indian Air Force. The tie-up represents a step toward establishing a strong working relationship, encouraging pursuit of emerging business opportunities, and providing for in-country offset for the Medium Multi Role Combat Aircraft (MMRCA) programme, said L&T in a statement.
L&T has also signed letters of intent with other Raytheon businesses. The $20 billion Raytheon is a technology leader specialising in defence, homeland security and other government markets throughout the world. With headquarters in Waltham, Raytheon employees to 73,000 people world-wide.
As the first step towards upgrading the Air Force, the India government has invited proposal to buy 126 MMRCAs at an estimated cost of Rs 42,000 crore. In future, more orders are expected from the defence ministry.
"India has a strong pool of talent, so it makes sense for us to combine Raytheon's technology with the best local expertise as we develop capabilities and solutions to support the nation's emerging requirements," said Raytheon Space and Airborne Systems vice-president-International Strategy and Business Development Wes Motooka.
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