Global major in aeronautics, space and defence-related services, Airbus Group is targeting over $ 2 billion cumulative sourcing volume from India over the next five years covering both civil and defence businesses.
Talking to reporters on the sidelines of ‘2{+n}{+d}Defence & Aerosupply India’ conference and exhibition here on Monday, Venkat Katkuri, Airbus Group’s Head of India Subcontinent and Head of Sales, India, said currently the cumulative sourcing through its domestic aerospace partners was around $ 400 million. He said the Airbus Group was looking at every possibility to collaborate in defence and space sectors
Replying to a question on the increase in FDI to 49 per cent in defence and aerospace sectors, he said that any Original Equipment Manufacturer would be keen to be involved right from the design stage and would also like to have some degree of autonomy. He said that government could have a re-look at the policy as the present 49 per cent would not help in enabling OEMs to have autonomy.
Earlier speaking at the conference, Itzhak Nissan, Chairman and CEO of Meteor Aerospace and former President of Israel Aerospace Industries, also suggested that FDI cap be raised to above 50 per cent for foreign companies to invest. Referring to the procurement policy, he said the procedures involved were long-drawn and it would take many years from RFI to finalisation of contract. Also taxes were very complex.
