US Micronet Enertec’s subsidiary, Enertec Systems has teamed up with India’s Cyient DLM to jointly pursue contracts with Israeli Aerospace and Defense companies that have offset obligations in India.
These obligations are based on an ongoing Aerospace and Defense trade agreement between the governments of India and Israel, the company announced today.
India and Israel have strong trade ties, with the value of Aerospace and Defense contracts between the countries totaling over $9 billion between 1999 and 2009.
India is the largest purchaser of Israeli Aerospace and Defense equipment, currently estimated at a rate of over $2 billion per year.
Per the inter-governmental trade agreement between the two countries, and in accordance with India's Aerospace and Defense Procurement Procedures (DPP), any Indian purchase of foreign military equipment over a certain amount necessitates an offset procurement of 30% of its value by the Israeli government.
Based on the Teaming Agreement, Enertec and Cyient will jointly bid on Aerospace and Defense contracts that are part of any required offset pursuant to the DPP.
Enertec will lead planning and design, while Cyient will lead procurements and production in India, thereby meeting offset requirements.
"One of Enertec's Aerospace and Defense customers just received a $1.1 billion contract approved by the Indian government.” said David Lucatz, CEO and Chairman of Micronet Enertec Technologies Inc.
This contract is one part of a $3 billion agreement between India and Israel's top Aerospace and Defense contractors.
Trade contracts of this magnitude increases the need for more offset transactions, whereby Israel is obligated to purchase Aerospace and Defense services from India.
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