Rolta India forms venture for Aviation Software with France's Thales
Dated 17/8/2006
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Rolta India Ltd. today announced in a press release that it had formed a joint-venture in India with France's Thales for the development of Aviation related software.
The capital base of the joint-venture was Rs. 500 million , K R Vaidyanathan, director, sales and marketing, told Reuters.
The new company will develop communication and information software systems for defence and homeland security for domestic and international markets, he said.
Rolta will have a 51 percent stake in the new venture, while the French defence group will hold the rest of the stake, the company said.
"We decided to partner with Thales as they are the biggest in the defence sector and we also have a presence in that segment," Vaidyanathan said. Thales had sales of more than $12.5 billion in 2005.
The joint venture will initially have 50 people and expects to obtain regulatory approvals in two months.