HAL gets okay for venture with VC co

NEW DELHI: US-based venture capital firm Edgewood Ventures has obtained permission from FIPB to set up a 26:74 joint venture with state-owned defence aerospace manufacturing company Hindustan Aeronautics Limited (HAL).

This JV firm will design and develop high-tech products in the fields of electronics, software, hardware and aeronautical systems required for aviation, aerospace and satellite projects. It will set up a manufacturing facility of multi chip module vertical integration (MCM-V) and system-in-package (SIP) to create products for customers in the defence and space segments.

The Edgewood Ventures would invest in JV through its Indian arm, Edgewood Technologies, according to government sources. These modules to be executed by the joint venture are also known as 3D System will be licensed from France-based firm 3D Plus under a technology collaboration arrangement.

The joint venture company will invest Rs 1.56 crore in the various activities in India. The JV will design, develop, manufacture and promote high-tech projects and products to promote research and development in various fields ranging from electronics and aviation to space. The company will also set up a centre for design and development of chip data encryption and digital design. It will further develop secured communication between aircraft and ground, and radar systems design and development.