Article Posted on : - May 31, 2010

MOSCOW (BNS): An agreement has been signed between Russian Space Systems Corporation and the US Trimble Navigation Group to set up a joint satellite navigation venture in Russia.

The joint company ‘Rusnavgeoset’ to be based in Moscow will produce Global Navigation Satellite System (GNSS) geodetic network infrastructure systems, RIA Novosti said.

"This high-technology, innovative sphere of activities directly contributes to the commercializing of GLONASS," a statement by Russian Space Systems said.

Russian Space Systems - the principal organisation of the Russian aerospace industry for navigation and geo-spatial technologies and the US Trimble Navigation Group - a leader on the US satellite navigation equipment market, will hold a 50% stake each.

Rusnavgeoset will be inaugurated at the GLONASS Forum in Moscow, Tuesday.

GLONASS - Global Navigation Satellite System – is the Russian equivalent of the US GPS (Global Positioning System), designed for both military and civilian use.