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Venture to support homemade jumbo jet
By Winny Wang |
February 19, 2009, Thursday
|
Print Edition
Print Edition
CHINA'S largest plane maker set up a 12-billion-yuan (US$1.8 billion) venture yesterday in Xi'an, Shaanxi Province, to design and produce components for its homemade jumbo jet.
The Aviation Industry Corp of China now owns the entire stake of AVIC Aircraft Co but it will seek various investors within a year, including Shaanxi provincial government which will invest 1 billion yuan in the venture.
The new venture, which owns total assets worth 33.5 billion yuan and 35,000 employees, boasts core technology resources to develop mid-size and jumbo jets and it will also undertaken research and development, production and sales of components for the jumbo jet project, AVIC said yesterday.
The province is home to a quarter of the country's aviation talents, resources and advanced infrastructure, AVIC pointed out.
The new venture is a step closer for the country to achieve its ambition of developing a homemade jumbo jet.
Last month, AVIC and the Shanghai government jointly launched a new company that will produce engine parts for the jumbo jet project.
AVIC holds a 40-percent stake in the 6-billion-yuan AVIC Commercial Aircraft Engine Co and the city's investment arm, Guosheng Group, and Shanghai Electric Group each owns 15 percent.
China has merged its two largest aircraft makers to form AVIC in its ambitions to become a world-class commercial aircraft maker.
AVIC created the Commercial Aircraft Corp of China in May with the Shanghai government to produce large aircraft.
All facets of the process - from design to material sourcing and production - will be done in China, as the project aims to reduce the country's reliance on overseas firms.
The Aviation Industry Corp of China now owns the entire stake of AVIC Aircraft Co but it will seek various investors within a year, including Shaanxi provincial government which will invest 1 billion yuan in the venture.
The new venture, which owns total assets worth 33.5 billion yuan and 35,000 employees, boasts core technology resources to develop mid-size and jumbo jets and it will also undertaken research and development, production and sales of components for the jumbo jet project, AVIC said yesterday.
The province is home to a quarter of the country's aviation talents, resources and advanced infrastructure, AVIC pointed out.
The new venture is a step closer for the country to achieve its ambition of developing a homemade jumbo jet.
Last month, AVIC and the Shanghai government jointly launched a new company that will produce engine parts for the jumbo jet project.
AVIC holds a 40-percent stake in the 6-billion-yuan AVIC Commercial Aircraft Engine Co and the city's investment arm, Guosheng Group, and Shanghai Electric Group each owns 15 percent.
China has merged its two largest aircraft makers to form AVIC in its ambitions to become a world-class commercial aircraft maker.
AVIC created the Commercial Aircraft Corp of China in May with the Shanghai government to produce large aircraft.
All facets of the process - from design to material sourcing and production - will be done in China, as the project aims to reduce the country's reliance on overseas firms.
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