Boeing, the world's biggest aerospace company and aircraft manufacturer, has decided to develop India as a research and development hub for engineering analysis and aerospace design. It will also outsource technology-oriented work from here.
Earlier this week, the company approached the Foreign Investment Promotion Board to set up a wholly owned subsidiary in the country to engage in infotech and software support and development activities. It will also undertake engineering analysis, design and project management services and R&D activities, besides performing technical and outsourcing jobs.
The company will invest $800,000 in the first year and $4 million in the next four years, which will be routed through its Chicago-based investment arm, Boeing International Corporation.
Officials confirmed that an application had been filed with the government earlier this week. The company's legal advisers also confirmed that an application had been moved with the FIPB this week, but declined to provide further details.
Boeing's senior vice-president, Dinesh Keskar, told Business Standard from the United States that there was a possibility of setting up an R&D base in the country. But he could not confirm whether a formal request had been made to the authorities. "We have worked with companies such as Infosys in the past," he pointed out.
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