Russian Irkut exploring JV for manufacture of MS-21 in China
19 Jul 2008
Russian aerospace manufacturer, Irkut NPK OAO, producer of the famed Sukhoi family of fighter aircraft, and now part of the consolidated United Aircraft Corporation (UAC), is likely to form a joint venture with a Chinese aircraft manufacturer to manufacture passenger airliners, according to Alexei Fedorov, chairman, UAC.
The joint venture will develop the medium range MS-21 passenger aircraft. Irkut's MS-21 project, with a total investment of more than US$6 billion, marks an attempt by Irkut to shift focus from the purely military to civil aviation products.
Half of the funding for the project will come from the Russian government.
The company is aiming at garnering a 10% share of the global civil aviation market from industry leaders Boeing and Airbus. It's plans mandate that atleast 50% of its overall revenues ought to be generated from civil commercial products by 2025.
Irkut has said that it will also invite global aircraft makers for the programme, which is expected to be launched by 2015.
