New Delhi, Nov 27 (IBNS) QuEST Global Manufacturing signed a Joint Venture agreement with global defence and security major Saab to set up an 'Aerostructure Assembly Joint Venture'.
QuEST Global Manufacturing, a group company of QuEST Global, is a provider of precision machining, sheet metal fabrication, and assembly solutions to the Aerospace, Automotive, and Oil & Gas markets.
The new entity will manufacture and supply assemblies for the technology intense commercial aerostructures market.
As part of the agreement, Saab will hold 26% stake in line with their objective to strengthen its strategic presence in India.
The new entity called "Aero Assemblies India" will be located in Belgaum, Karnataka, where QuEST Global manages a fully operational Special Economic Zone and houses the QuEST Global Manufacturing division.
Facilities for the joint venture will be developed through 2013 and the unit will initially become operational with about 50 employees and is expected to ramp up to over 400 in the near future.
Commenting on the occasion, Aravind Melligeri, Co-Founder and Chairman of QuEST Global, said, "With this partnership, QuEST is now well poised to offer its aerospace customers a full range of manufacturing supply chain solutions while achieving our Global Manufacturing growth objectives through 2016 and beyond."
"We're experiencing increased production rates during the coming years. This partnership will provide a cost-efficient and reliable source of assemblies acting as a complement to Saab's in-house manufacturing," said Kjell Johnsson, Head, Aerostructures, Saab.