Hindustan Aeronautics Ltd (HAL) inked a pact with US-based Boeing Co on Dec 20 to bring some $1 billion of new aerospace manufacturing work to India over the next 10 years. Under the pact signed in New Delhi, 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. 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. 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.
Saturday, December 22, 2007
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