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Thursday, April 14, 2011

Boeing plans $300 mn investment in Indian defence industry

P-8A PoseidonUS aerospace major Boeing has submitted a $300-million plan for investment in the Indian defence industry as 'offsets' for the four additional P8I long-range maritime patrol aircraft that India intends to buy for its navy, says a senior company official.

The four P8Is are a follow-on order from India, which has already signed a contract with the US for eight P8I platforms in maritime reconnaissance and anti-submarine warfare roles in January 2009 at a cost of $2.1 billion or Rs.10,000 crore.

Under the offsets (proportion of the order value to be invested in the domestic industry of the buyer) clause in the contract, Boeing will have to plough back in the Indian defence industry 30 per cent of the $1 billion (Rs.4,500 crore) that these four aircraft would cost.

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