Raytheon and Tata of India to Collaborate on Technology Opportunities
NEW DELHI, India, Feb. 8, 2007 /PRNewswire/ -- Raytheon Company (NYSE: RTN) has signed a memorandum of intent with Tata Power Strategic Electronics Division (Tata Power SED). The agreement is designed to encourage collaboration in areas of complementary expertise and experience as a first step toward forging new relationships with a range of Indian technology companies.
The electronics division of Tata Power is viewed as a good fit with Raytheon's core business, according to Wes Motooka, vice president for international business development at Raytheon Space and Airborne Systems. He expects the flexibility of this joint approach to allow both companies to respond effectively to address emerging opportunities.
"While Raytheon has conducted business in India for many years, we are now looking to develop our relationship and presence here in a more meaningful way over the long term," Motooka said. "India has a strong pool of talent, so it makes perfect sense for us to combine Raytheon's world-class technology with the best local expertise as we develop capabilities and solutions to support the nation's emerging requirements."
Rahul Chaudhry, chief executive officer of Tata Power SED, noted that, "Tata Power SED has harnessed its multi-disciplinary capabilities required for defense systems for more than four decades. Engaging with a world leader like Raytheon will bring the benefits of scale and experience to Tata Power SED, allowing us to leverage the offset and other business opportunities, thus enabling us to serve our customers better."
Since the early 1970s, Tata Power SED has been a leading private-sector player in the indigenous design, development, production, supply and maintenance of defense systems. Recently, Tata Power SED secured orders for the Pinaka Multi-barrel Rocket Launcher System from the Indian Army and the Futuristic Automatic Data Handling System for Air Defense from the Indian Air Force.
Raytheon Company, with 2006 sales of $20.3 billion, is an industry leader in defense and government electronics, space, information technology, technical services, and business and special mission aircraft. With headquarters in Waltham, Mass., Raytheon employs more than 80,000 people worldwide.
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SOURCE: Raytheon Company
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