MUMBAI, India, Nov. 12 /PRNewswire-FirstCall/ -- Sikorsky Aircraft Corp. and Tata Advanced Systems Limited (TASL) today announced the signing of an agreement creating a joint venture that will manufacture aerospace components for Sikorsky in India, including components for S-92(R) helicopter cabins. The joint venture agreement builds upon a long-term contract signed in June 2009 for TASL to assemble Sikorsky S-92(R) helicopter cabins. Sikorsky is a subsidiary of United Technologies Corp. (NYSE: UTX), and TASL is a wholly owned subsidiary of Tata Sons.
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Both the joint venture agreement and the cabin assembly contract stem from a Memorandum of Understanding signed in February 2007 by the companies to explore the creation of aerospace operations in India. The cabin assembly contract signed in June 2009 has led to ongoing construction in Hyderabad, in the state of Andhra Pradesh, where TASL will assemble S-92 helicopter cabins starting in 2010. The new joint venture will be positioned to manufacture components for other aerospace Original Equipment Manufacturers (OEMs) as well as detailed parts for the Sikorsky S-92(R) helicopter cabin. It is expected that the joint venture operations will be housed in a second greenfield facility that will be constructed in Hyderabad, next to the cabin assembly building. Construction for the joint venture company's facility is targeted for completion by 2011, with production beginning in late 2012. The formation of the joint venture is subject to the satisfaction of a number of regulatory and business conditions.
"Sikorsky's affiliation with Tata both strengthens our supply chain and extends our globalization effort to establish significant operations in regions where the need for rotorcraft and support is great. India is certainly a key aerospace region, and we are thrilled to team with Tata and help serve and grow the business there," said Mick Maurer, Senior Vice President of Operations for Sikorsky.
"We are happy to extend our relationship with Sikorsky to fabrication of detailed parts for the aerospace sector. This is part of our strategy to participate meaningfully in this space, and to enhance India's capacities in this sector," said Gen. Davinder Kumar, CEO of Tata Advanced Systems.
The joint venture agreement was signed and announced at a ceremony attended by UTC Chief Executive Officer Louis Chenevert and Tata Sons Chairman Ratan N. Tata, in addition to Maurer, Gen. Kumar and other senior executives from the companies. Chairman Tata and CEO Chenevert both noted their two companies share much in common and that continuing to build their relationship will benefit both greatly.
Both Tata and UTC are diversified enterprises with global operations and well-respected reputations. In 2008, UTC reported revenues of $58.7 billion, and Tata Group had 2007-2008 revenues of $62.5 billion. Both groups derive the majority of their revenues from outside their native countries, and both employ hundreds of thousands of people worldwide.
About UTC
United Technologies Corp., based in Hartford, Connecticut, USA, provides a broad range of high technology products and support services to the aerospace and building systems industries. In addition to Sikorsky, UTC subsidiaries have a significant presence in India. Combined, UTC's Hamilton Sundstrand aerospace systems, Pratt & Whitney aircraft engines, Otis Elevator, Carrier air conditioning and UTC Fire & Security units today occupy more than 100 offices and factories in 60-plus cities in India, and employ nearly 4,000 people there.
About the Tata Group
Tata companies operate in seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. They are, by and large, based in India and have significant international operations. The total revenue of Tata companies, taken together, was $70.8 billion (around Rs.325,334 crores) in 2008-09, with 64.7 percent of this coming from business outside India, and they employ around 357,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics. There are 27 publicly listed Tata enterprises and they have a combined market capitalization of some $60 billion, and a shareholder base of 3.5 million.
Web site: http://www.sikorsky.com/
