Sources inform ''Globes'' that Israel Aerospace Industries Ltd. (IAI) is in talks on a $1.5 billion deal with India's Ministry of Defense to set up a defense system using innovative long-range missiles with a range of more than 100 kilometers. The deal also includes radar systems made by IAI subsidiary Elta Systems Ltd., unmanned aerial vehicles (UAV), and possibly IAI-built satellites as well.
A few months ago, India's Supreme Procurement Council approved the deal, and IAI CEO Itzhak Nissan is now in negotiations over the details.
IAI has longstanding collaborations with various Indian companies and agencies. Last month, IAI launched its TechSAR all-weather, high-resolution radar satellite using an Indian launcher in collaboration with the Indian Space Research Organisation.
IAI's orders backlog totaled $7.3 billion at the end of 2007. If this new deal is signed, it will be a substantial boost for the company.
Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2008
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