India and Russia are to invest USD 600 million to set up a joint venture (JV) to produce a medium lift transport aircraft for their armed forces.
While Bangalore based state-owned Hindustan Aeronautics Limited (HAL) will fork out USD 300 million, Russia's United Aircraft Cooperation (UAC) will invest a similar amount for the joint venture which will start rolling out the aircraft by 2017.
Voice of Russia radio said the joint venture coming up with fifty-fifty equity would develop the aircraft at Aviastar-SP plant based in Ulyanovsk city on Volga.
The Indian Air Force is expected to order at least 35 and Russian Air Force as many as 100 medium lift transport aircraft.
In its basic configuration the new transport aircraft will have a payload capacity of 18.
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