AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.00 Decreased By ▼ -0.53 (-0.41%)
BOP 6.76 Increased By ▲ 0.08 (1.2%)
CNERGY 4.50 Decreased By ▼ -0.13 (-2.81%)
DCL 8.70 Decreased By ▼ -0.24 (-2.68%)
DFML 41.00 Decreased By ▼ -0.69 (-1.66%)
DGKC 81.30 Decreased By ▼ -2.47 (-2.95%)
FCCL 32.68 Decreased By ▼ -0.09 (-0.27%)
FFBL 74.25 Decreased By ▼ -1.22 (-1.62%)
FFL 11.75 Increased By ▲ 0.28 (2.44%)
HUBC 110.03 Decreased By ▼ -0.52 (-0.47%)
HUMNL 13.80 Decreased By ▼ -0.76 (-5.22%)
KEL 5.29 Decreased By ▼ -0.10 (-1.86%)
KOSM 7.63 Decreased By ▼ -0.77 (-9.17%)
MLCF 38.35 Decreased By ▼ -1.44 (-3.62%)
NBP 63.70 Increased By ▲ 3.41 (5.66%)
OGDC 194.88 Decreased By ▼ -4.78 (-2.39%)
PAEL 25.75 Decreased By ▼ -0.90 (-3.38%)
PIBTL 7.37 Decreased By ▼ -0.29 (-3.79%)
PPL 155.74 Decreased By ▼ -2.18 (-1.38%)
PRL 25.70 Decreased By ▼ -1.03 (-3.85%)
PTC 17.56 Decreased By ▼ -0.90 (-4.88%)
SEARL 78.71 Decreased By ▼ -3.73 (-4.52%)
TELE 7.88 Decreased By ▼ -0.43 (-5.17%)
TOMCL 33.61 Decreased By ▼ -0.90 (-2.61%)
TPLP 8.41 Decreased By ▼ -0.65 (-7.17%)
TREET 16.26 Decreased By ▼ -1.21 (-6.93%)
TRG 58.60 Decreased By ▼ -2.72 (-4.44%)
UNITY 27.51 Increased By ▲ 0.08 (0.29%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,450 Increased By 43.4 (0.42%)
BR30 31,209 Decreased By -504.2 (-1.59%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

SAO PAULO: Brazil’s Embraer and India’s Mahindra have signed a preliminary agreement to collaborate on securing orders for the C-390 Millennium military transport aircraft from India’s Air Force, the companies said on Friday.

The Indian market is seen as key for Embraer’s defence unit as it looks to expand its presence abroad with more sales of the C-390, which has been selected by South Korea, Brazil, Portugal, Hungary, the Netherlands, Austria and the Czech Republic.

The memorandum of understanding signed between Mahindra and Embraer at the Brazilian Embassy in New Delhi is aimed at winning orders for the aircraft under the Indian Air Force’s upcoming Medium Transport Aircraft (MTA) procurement project, they said in a statement.

The move, JPMorgan analysts said in a note to clients, “increases the likelihood of the C-390 being selected”, adding it could result in an order of between 30-60 aircraft.

Embraer shares rose more than 2.5% on the news, making it one of the top gainers on Brazil’s Bovespa stock index, which was down 0.2%.

Next steps include contacting the local aerospace industry to start developing an industrialization plan for the project, Embraer said.

Four dead after two Indonesian military planes crash

“India is a key market for Embraer,” the head of the company’s defense and security unit Bosco da Costa Junior Costa Junior said.

“It has a diverse and strong defense and aerospace industry and we have chosen Mahindra as our partner to compete together in the MTA program.”

The MoU was signed between Embraer and Mahindra Defense Systems, a subsidiary 100% controlled by Mahindra, which focuses on armored vehicles and security-related products.

Comments

Comments are closed.