Moscow: An Indo-Russian joint venture to manufacture 200 Kamov military helicopters in India under a $1 billion deal has been registered in India and it will finalise the delivery schedule and the number of units, officials from Russian Helicopters, part of State Corporation Rostec, said.
Interacting with a select group of journalists on the sidelines of the International Air show MAKS in Moscow, Rostec's Director of International Cooperation and Regional Policy Victor N. Kladov said the joint venture is now final and further negotiations will be done by this joint venture company in which India has 50.5 per cent stake while Russia has 49.5 per cent.
The India-Russia joint venture got the approval of Russian President Vladimir Putin in April this year.
Around 40-60 of the 200 helicopters will be supplied from Russia in a knock-down kit state, to be assembled in India, and rest will be made in India. The extent of transfer of technology will be discussed by the JV.
The inter-government agreement was signed during Prime Minister Narendra Modi's visit to Russia in December 2015.
In October last year, India and Russia finalised a broad agreement for the JV between Hindustan Aeronautics Ltd (HAL) Russian Helicopters and Rosoboronexport.
The Kamov choppers will replace the aging fleet of Cheetah and Chetak helicopters in India.
"We are very happy that the joint venture is final. Everything is now in the hands of the joint venture," Kladov said.
He added that the JV was registered in India as India has major share - 50.5 per cent, in the venture.
The schedule of delivery and localisation as well as the terms and the number of units will be finalised by the JV.