Monday, March 12, 2007

HAL forms aerospace joint venture with US-based VC firm Edgewood Ventures

Government-owned defence aerospace manufacturing company Hindustan Aeronautics Limited (HAL) has formed a 26:74 JV with US-based venture capital firm Edgewood Ventures. Edgewood Ventures has obtained permission from FIPB for the same. Edgewood Ventures would invest in JV through its Indian arm, Edgewood Technologies.

The JV will design and develop high-tech products in the fields of electronics, software, hardware and aeronautical systems required for aviation, aerospace and satellite projects. It will set up a manufacturing facility of multi-chip module vertical integration and system-in-package to create products for customers in the defence and space segments. The joint venture company will invest Rs. 1.56 crores in the various activities in India. The JV will design, develop, manufacture and promote high-tech projects and products to promote research and development in various fields ranging from electronics and aviation to space. The company will also set up a centre for design and development of chip data encryption and digital design. It will further develop secured communication between aircraft and ground, and radar systems design and development. The modules to be executed by the JV, known as 3D System will be licensed from France-based firm 3D Plus, under a technology collaboration arrangement.

Article in The Economic Times.

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