08:08 GMT, November 13, 2009 MUMBAI, India | Sikorsky Aircraft Corp. and Tata Advanced Systems Limited (TASL) today announced the signing of an agreement creating a joint venture that will manufacture aerospace components for Sikorsky in India, including components for S-92 helicopter cabins. The joint venture agreement builds upon a long-term contract signed in June 2009 for TASL to assemble Sikorsky S-92 helicopter cabins. Sikorsky is a subsidiary of United Technologies Corp (NYSE:UTX), and TASL is a wholly owned subsidiary of Tata Sons.

Both the joint venture agreement and the cabin assembly contract stem from a Memorandum of Understanding signed in February 2007 by the companies to explore the creation of aerospace operations in India. The cabin assembly contract signed in June 2009 has led to ongoing construction in Hyderabad, in the state of Andhra Pradesh, where TASL will assemble S-92 helicopter cabins starting in 2010. The new joint venture will be positioned to manufacture components for other aerospace Original Equipment Manufacturers (OEMs) as well as detailed parts for the Sikorsky S-92 helicopter cabin. It is expected that the joint venture operations will be housed in a second greenfield facility that will be constructed in Hyderabad, next to the cabin assembly building. Construction for the joint venture company’s facility is targeted for completion by 2011, with production beginning in late 2012. The formation of the joint venture is subject to the satisfaction of a number of regulatory and business conditions.

“Sikorsky’s affiliation with Tata both strengthens our supply chain and extends our globalization effort to establish significant operations in regions where the need for rotorcraft and support is great. India is certainly a key aerospace region, and we are thrilled to team with Tata and help serve and grow the business there,” said Mick Maurer, Senior Vice President of Operations for Sikorsky.

“We are happy to extend our relationship with Sikorsky to fabrication of detailed parts for the aerospace sector. This is part of our strategy to participate meaningfully in this space, and to enhance India’s capacities in this sector,” said Gen. Davinder Kumar, CEO of Tata Advanced Systems.

The joint venture agreement was signed and announced at a ceremony attended by UTC Chief Executive Officer Louis Chênevert and Tata Sons Chairman Ratan N. Tata, in addition to Maurer, Gen. Kumar and other senior executives from the companies. Chairman Tata and CEO Chênevert both noted their two companies share much in common and that continuing to build their relationship will benefit both greatly.

Both Tata and UTC are diversified enterprises with global operations and well-respected reputations. In 2008, UTC reported revenues of $58.7 billion, and Tata Group had 2007-2008 revenues of $62.5 billion. Both groups derive the majority of their revenues from outside their native countries, and both employ hundreds of thousands of people worldwide.