India and Russia have formed a joint venture ‘India-Russia Helicopters’ to manufacture 160 multi-role helicopters for the Indian Air Force (IAF).
India's Ministry of Corporate Affairs incorporated the India-Russia Helicopters Limited Company Tuesday. "This marks the formal creation of the Joint Venture between Hindustan Aeronautics Limited of India and Russian Helicopters and Rosoboronexport of Russia." the Indian Embassy in Russia said in a statement Tuesday.
The venture is a key milestone in the production of Ka-226T helicopters in India with Russian collaboration.
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, 40 will be assembled in India and the remaining 100 will be fully built in India.Further, 60 helicopters will be received in fly-away condition from Russia.