Sept 9/10: A shareholders agreement is signed to set up the MRTAs joint venture company, between Indias Hindustan Aeronautics Limited (HAL), Russias United Aircraft Corporation (UAC), & Russias Rosoboronexport arms export agency.
Indias defense ministry pegs the total development cost at around US $ 600.7 million (approx. Rs. 2900 crore), to be equally shared by both the sides. The joint venture will be based in Bangalor, india, and aims to produce 205 aircraft (45 India, 100 Russia, 60 hoped-for exports), with 50:50 work share between HAL and the Russian partners.