Article Posted on : - Dec 13, 2010

A file photo.

MOSCOW (BNS): Rosoboronexport and Sagem Defense Securite (Safran S.A.) officially agreed on establishing a joint venture for inertial navigation systems on December 9 in Moscow in the frame of the 15th session of the Russian-French Interstate Commission for Bilateral Cooperation.

The agreement has been signed by Ivan Goncharenko, first deputy General Director of Rosoboronexport, Russia, and Jean-Lin Fournereaux, President of Sagem DS, France, in the presence of the chairmen of the respective governments.

As per the JV, the joint venture will operate in the territory of the Russian Federation. Rosoboronexport will hold a 51-percent stake while Sagem – 49 percent.

Both the companies will be responsible for repairs and technical maintenance of the guidance system for SIGMA 95NAA and production of inertial guidance system Laser LINS-100R.

"I am confident that the work of Russian-French joint venture will not only strengthen and expand military-technical cooperation between our countries, but also opens up new prospects for mutually beneficial co-design and manufacture of high-tech products, the exchange of advanced technologies," said Rosoboronexport deputy CEO Ivan Goncharenko, was quoted as saying in Russian news media reports.

According to reports, a series of agreements, including those on energy, military cooperation were signed between both the countries with an aim to strengthen bilateral economic ties.