The Indian government in December 2010 cleared a proposal by the Tata group to induct foreign equity in Tata Advanced Systems. Tata Advanced Systems which is a wholly-owned subsidiary of Tata Sons had in July 2010 sought approval from Foreign Investment Promotion Board (FIPB) to form a joint venture wherein Lockheed Martin Aeroframe Corporation (LMAC), a subsidiary of Lockheed Martin would invest Rs 42.82 crore. The US-based defence major Lockheed Martin Corporation are the makers of the legendary F-16 fighter jet. Tata Aerostructures formed as a part of the joint venture will design, develop and manufacture aerospace and aerostructure products.
Currently, foreign direct investment in defence sector is capped at 26% and requires prior government approval.
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