Boeing to submit detailed proposals for development of Indian aerospace industry news

Boeing to submit detailed proposals for development of Indian aerospace industry news 17 July 2008 - New Delhi: US aircraft manufacturer Boeing is all set to submit a detailed proposal to the Indian government by 4 August aimed at developing the country's aerospace industry and transferring defence technologies which will meet government conditions for defence contracts. Boeing has said that it aims to bid for around $20 billion worth of Indian defence projects over the coming decade. Under current Indian regulations, 30 per cent of all defence deals valued over Rs300 crore must necessarily be reinvested in the country by way of an offset arrangement. The offsets may materialise either through the purchase of components from Indian companies, or by establishing joint ventures to make parts in India. Vivek Lall, country head for India for Boeing's Integrated Defence Systems (IDS) was quoted by the media as saying that the opportunity "in terms of partnership is tremendous" over the next few years, and that it could be a "win-win" situation for both India and Boeing. India is one of the biggest arms importers in the world, with a projected spending of around $50 billion over the coming decade aimed at modernising its military hardware. The attempt is to upgrade or replace Soviet-era arms. India is also looking to beef up its aerospace industry and is actively seeking technology transfers, specially pertaining to defence, from major weapon exporting countries. Over the last three years, Boeing has sold $25 billion in civilian aircraft to India. The company has also submitted a bid for a 126 multi-role fighter jet contract for the Indian Air Force. The MMRCA contract is estimated to be worth over $11 billion over its lifetime. Boeing says it is willing to meet India's conditions regarding manufacturing and research programmes, and will be willing to set up a technological base in the country that will allow the development of indigenous platforms. The company has also put in a proposal to market its P-8I anti-submarine and anti-surface ship maritime reconnaissance planes. The company is also mulling offering its AH-64D Apache helicopters to India. It has also offered the CH-47 Chinook helicopters to the Indian army, as well as its latest cargo plane, the C-17 Globemaster III.