Source : Business StandardLarsen & Toubro (L&T) and European aerospace and defence group EADS today took the first step towards joint exploration of business opportunities in defence and aerospace.
According to a release issued by L&T to the BSE today, M V Kotwal senior executive vice president of L&T and Daniel Baubil, executive vice president and head of global industrial development of EADS, signed a Memorandum of Understanding (MoU), to establish a long-term, profitable and stable relationship to better address the needs of the aerospace and defence markets in India and around the world. The signing took place at the Aero India 2007 exhibition in the city.
M V Kotwal said that, "the opening up and rapid growth of the defence market represents a major opportunity. This can lead to new forms of cooperation involving innovative technologies. As a company that has been supplying critical equipment and systems to the strategic sectors of defence and aerospace for over four decades, we welcome this opportunity to induct state of the art technology, and expand our range of high value offering".
'The agreement between L&T and EADS defines the formation of working teams to build a joint business model and appropriate common strategies on several key segments of the aerospace and defence market', the release added.
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