U.S. defence manufacturing giant Lockheed Martin and Tata Advanced Systems have agreed to work on a tactical military aircraft together in India.
What Happened: The two entities have decided to broaden their business relationship to manufacture and assemble the C-130J Super Hercules tactical airlifter, according to a joint press release. This strategic move is anticipated to not only improve India’s defence and aerospace capabilities but also strengthen India-US strategic ties.
The agreement lays the groundwork for potential future business opportunities, including the creation of additional production and assembly capacity in India, provided Lockheed Martin secures the medium transport aircraft (MTA) contract.
See Also: SpiceJet Shares Soar 6% After Carlyle Agrees To Restructure Debt
“Collaborating with Lockheed Martin on the C-130J platform proposition for IAF’s (Indian Air Force’s) MTA project is a milestone for Tata Advanced Systems,” said Sukaran Singh, the CEO and managing director of Tata Advanced Systems.
This announcement also marks Tata Advanced Systems’ foray into the defence maintenance, repair and overhaul space in India for large aircraft platforms.
The Indian Air Force is actively looking to procure up to 80 medium transport aircraft and had issued a request for information last year. Lockheed Martin responded to the RFI as its C-130J Super Hercules aircraft is ideally suited to meet the requirements.
Lockheed Martin and Tata Advanced Systems have a long-standing partnership through the Tata Lockheed Martin Aerostructures joint venture, which aligns closely with the Indian government “Make in India” objectives.
Read Next: Bajaj Housing Finance IPO Subscription At 4.84 Times, GMP Jumps
Engineered by Benzinga Neuro, Edited by Ananthu CU
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.