Rolta announces Joint Venture with Thales

Rolta India Ltd has announced that the Company and Thales, France announced the signing of an agreement to establish a Joint Venture in India.

This JV will leverage the broad spectrum of cutting-edge technologies, systems and solutions from Thales, and the Company´s leadership position in the Indian market. To be owned 51% by the Company and 49% by Thales, the JV will take advantage of technology transfer from Thales for developing state-of-the-art Command Control, Communications, Computers, Intelligence, Surveillance, Target Acquisition and Reconnaissance (C4ISTAR) information systems, for domestic and international markets. The Company and Thales have entered into an agreement on August 17, 2006 and the JV will be incorporated on receipt of necessary approvals.

Mr. K K Singh, Chairman and Managing Director, of the Company Ltd., commented "We are extremely pleased to be partnering with Thales to form this Joint Venture. This is a major event in the history of our Company and will play an important role in our growth. Guided by a set of common values, this JV will share best practices through transfer of technology and bring in state-of-the-art products into our country, enabling us to serve the nation better and address emerging opportunities worldwide".

Thales is a leading international electronics and systems group established in France more than a century ago, serving Defence, Aerospace and Security markets worldwide. The group’s civil and military businesses develop in parallel to serve a single objective - the security of people, property and nations. With six divisions serving clearly defined markets, Thales is organised to remain close to its customers, sharing technologies and best practices across businesses and countries to combine world-class performance with unbeatable value for money.

The six divisions draw on a common platform of technologies to deliver real-time information management and distribution solutions and complex system architectures to their customers. Leveraging a global network of high-level researchers it offers an unmatched capability to develop and deploy critical information systems worldwide. Thales employs 60,000 people in 50 countries and generated revenues of over $13 billion in 2005, with a record order book of over $25 billion.

Source : Equity Bulls

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