Embvue announces collaboration for Indian market
Nov. 19, 2010, Montreal - Embvue Inc. announced Thursday that it plans to enter into a strategic teaming agreement with Edgewood Ventures, an India based technology accelerator focusing on high growth ventures for the Indian market.
A memorandum agreement was signed by both companies on November 10, 2010. The memorandum agreement sets out the basic terms of the business relationship between the companies and sets a timetable for the formalization of a full teaming agreement, which is expected to be completed over the coming months.
“The memorandum agreement that has just been signed is the first milestone in what we expect to be a long and fruitful relationship between our companies“, said Phil Cole, VP Sales & Marketing at Embvue. “Edgewood has a very strong presence in the extremely important Indian aerospace market and we are delighted to be their technology and solutions partner for a number of key avionics products that will be being brought to market by Edgewood over the coming months and years in India.”
The agreement comes at a crucial time, as India is predicting dramatic demand for civil aircraft infrastructure in the country over the coming years. The Indian Government is keen to grow an indigenous aircraft and avionics industry, through technology transfers with existing suppliers, that will provide not only for the needs of this expansion, but also one that will compete on the world market in the future.
“India is a key aerospace growth region, and we at Edgewood are focused on delivering innovative, world-class, home-grown avionics solutions that address the specific needs of this market”, said Vishal Verma, Founding Partner at Edgewood Ventures. “Embvue possesses a number of key technologies and skills that augment our own, making them an ideal partner for us and for our other ventures in India, as we pursue current and future aerospace opportunities in India”.