India's software-to-steel conglomerate Tata Group and US industrial giant General Electric have signed a partnership to make jet engine parts in India, the companies announced Thursday. Under the agreement signed on November 29, but not made public until Thursday, the two firms said they would build components for CFM International's LEAP engines used in commercial jets.
CFM is a joint venture between GE and French company Safran Aircraft Engines. Tata and GE will also pursue military engine and aircraft system opportunities for the India market, the companies said in the statement.
India, the world's largest defence importer, wants to build more of its hardware in country and reduce reliance on costly military purchases. Under a new policy, it is inviting global military manufacturers to set up shop as minority partners in India.
Under the strategic partnership model it hopes to manufacture fighter jets, armoured vehicles, helicopters and submarines locally. Airbus Group, Lockheed Martin, Saab and the Naval Group are some of the companies eyeing potential deals, worth tens of billions of dollars, across these categories.
The government hopes these deals can boost local manufacturing, create jobs and bring key defence technologies to India.
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