Bangalore: Defence Minister George Fernandes on February 5 said India is keen to forge international collaborations, as it is now planning to embark on creating a Defence industrial base capable of producing world-class equipment, at highly competitive prices.

Declaring open Aerospace India 2003 at Yelahanka Air Force station on the outskirts of Bangalore city, Fernandes said by using the Indian infrastructure, which is not only technically of world standards but also one of the most economical, the country and foreign companies can together reduce the overall costs and jointly develop state of art aviation projects.

"Having done this, we will plan out a strategy of joint marketing," he said at the biennial event, among Asia's top Aerospace shows, where 176 companies and organisations from 22 countries are participating.

Stating that India offers an opportunity for foreign companies for joint ventures, technology transfer and co-production for global market, Fernandes said with high degree of skill and relatively lower manpower costs, India provides and excellent opportunity for all buyers and sellers.

He told the delegates of the fourth edition of the five-day exposition that indigenously produced supersonic Light Combat Aircraft, which is doing its final tests to reach the threshold of serial production has attracted global attention.

"In a joint venture with Russia, known as BRAHMOS, We have produced, tested and are in the process of inducting the supersonic cruise missile in its all three variants," Fernandes said.

He also said that having opened Defence production to the private sector, with foreign direct investment up to 26 per cent, India is looking forward to creating a Defence industrial base capable of producing world class equipment, at highly competitive prices, in co-operative partnership with industry in the private sector.

"The research and development work done in some of our Defence laboratories is being made available to this sector for productionisation. In this context, we are keen to welcome international collaborations that are in conformity with our national goals and that serve the mutual interests," the Minister said.

PTI