Indian company Merlinhawk Aerospace Pvt. Ltd. signed a joint venture (JV) agreement with Italy’s Vega Composites S.r.l. to establish a manufacturing and design facility in the defence corridor in Tamil Nadu (India) for advanced composites material-based products.
The new entity will be called Merlinhawk Composites and Engineering Private Limited.
This agreement was signed in the presence of the Indian Ambassador to Italy and San Marino, H.E Dr. Neena Malhotra.
Noteworthy, the strategic joint venture is aimed at tapping the growing market of India while developing design expertise and transferring manufacturing knowhow to India.
It will be targeting the growing demand for composites-based products in the aerospace, marine, land and railway sectors.
Additionally, the company will be targeting the upcoming hydrogen storage and fuel cell markets.
Besides, the JV is also working on a broad scope of products that would be beneficial to various companies and industries in India and involved the transfer of technology, which would enhance the technical capabilities in the country.
It is to be noted that this is the first Joint Venture between a Indian aerospace and defence company with an Italian OEM under the new India-Italy Defence Cooperation Agreement.
Noteworthy, the Bilateral Defence Cooperation agreement was signed by Hon’ble Raksha Mantri Shri Rajnath Singh and his Italian counterpart Guido Crosetto on 10th October 2023.
The agreement outlines cooperation in security and defence policy, R&D, education in military field, maritime domain awareness, sharing of defence information and industrial cooperation, including co-development, co-production and setting up of joint ventures.
