Eurocopter India, Mahindra Group announce JV
27 Jul 2011
New Delhi: Eurocopter, a unit of European aerospace giant EADS, on Tuesday said it would enter into a joint venture with Indian industrial enterprise, the Mahindra Group, to jointly manufacture helicopter spares.
Mahindra Group and Eurocopter India, the local arm of the helicopter unit of the European Aeronautic Defence & Space group (EADS), said in a joint statement they had signed a memorandum of understanding for a new partnership.
"The partnership will be focused on manufacturing of sub-assemblies, engineering and customisation of civil helicopters and the joint development of specific market segments," the joint statement said.
The "details of the scope and structure of the partnership will be decided in the coming months," it added.
Eurocopter had said last year that it was targeting 50 per cent of India's market share with the sale of 25 helicopters each year until 2015, with projected sales of more than 100 million euros ($138 million).
Eurocopter is also back in the race to sell 197 helicopters to the Indian military after being disqualified from a tender worth $600 million, for which they had bid successfully in 2007. It was alleged that they had used middlemen in defence deals.
After denying allegations Eurocopter re-bid for the contract after India floated fresh global tenders in 2008.