By IANS
New Delhi : State-run Hindustan Aeronautics Ltd (HAL) signed a pact with US-based Boeing Co Thursday to bring some $1 billion of new aerospace manufacturing work to India over the next 10 years.
Under the pact signed here, Boeing and HAL will explore opportunities to shift work packages to India with an initial value of $10-$20 million per annum and increase the same as business prospects develop, top officials said.
The agreement, which was signed by Jim Albaugh, president and chief executive of Boeing Integrated Defense Systems, and Ashok K. Baweja, chairman of HAL, includes sharing key Boeing business and manufacturing tools with HAL.
“This is a significant step by two aerospace leaders that opens up new avenues and areas of co-operations,” Baweja told reporters here.
“HAL and Indian industry gain from this long-term business arrangement in terms of technology upgrade, while Boeing can look forward to a reliable source for its product requirements.”
Boeing officials said the new pact will also facilitate support to HAL by the US company in developing manufacturing processes and capabilities needed to produce hardware for Boeing, as also for its subcontractors.