Indo-Russian military MTA project to begin in January

(PTI) The Indo-Russian joint project for designing and developing a military multi-role transport aircraft (MTA) will formally begin in January next year, the government today said.

A shareholders agreement was signed on September 9 between Hindustan Aeronautics Limited and Russian companies UAC and Rosoboronexport, Minister of State for Defence M M Pallam Raju told the Rajya Sabha.

"It is planned to start the project in January 2011, after incorporation of the joint venture programme," he said in a written reply.

The agreement, he said, was for incorporation of the joint venture company for design, development and production of the MTA and it was in pursuance of the Inter-Governmental Agreement between the two countries, which was signed on November 12, 2007.

"The joint venture company will have a shareholding of 50 per cent each from both sides. The investment for the programme has been worked out to be USD 600.