‘Tata Group in JV with Lockheed’

‘Tata Group in JV with Lockheed’

Mumbai: The defence and aerospace arm of Tata Group has forged a joint venture with Lockheed Martin Corp to make defence equipment and aircraft parts, the Economic Times reported on Thursday.

Unlisted Tata Advanced Systems has sought the Indian government’s approval for the venture in which Lockheed will have a 26% stake, while the remaining will be held by the Indian partner, the newspaper said.

Citing the proposal submitted by Tata to the government, it said Lockheed would invest 428 million rupees ($9 million) and Tata would put in Rs122 crore.

Officials at the Tata Group and Lockheed Martin could not immediately be reached by Reuters for comment.