HANDIGARH, India, Jan. 25 (UPI) -- Mahindra Defense and Airbus Helicopters are moving forward with plans for a joint venture company to manufacture military aircraft in India.
Representatives of the two companies, which signed a memorandum of understanding is July, signed Sunday a statement of intent for the JV in the presence of Prime Minister Narendra Modi and French President François Hollande.
"We have made significant progress in setting up the joint venture and together the companies are creating a world-class advanced helicopter production facility in India," Mahindra Group President for Aerospace and Defense S P Shukla said in statement.
Mahindra said both companies are also investigating possible sites for facilities and preparing for local supply chain companies.
"Through this partnership, we target building several of our globally leading helicopter models in India," Airbus Helicopters President and CEO Guillaume Faury said. "This will lead to the transfer of state-of-the-art technologies, development of manufacturing activities and creation of high-skilled jobs in India."
Formation of the joint venture company is subject to Indian regulatory approvals.