August 14, 2013 / 11:14 AM / in 4 years

Russia's Rostec says close to joint venture deal with Bombardier

MOSCOW, Aug 14 (Reuters) - Russian industrial and defence conglomerate Rostec is close to signing an agreement with Bombardier to assemble the Canadian plane maker’s Q400 aircraft in Russia, Rostec said on Wednesday.

Sergei Chemezov, head of the state-owned company formerly known as Russian Technologies, said in February that it was in talks with Bombardier over a possible joint venture to build the Q400 aircraft in Russia.

Russia’s Vedomosti newspaper wrote on Wednesday that the talks had stalled but an agreement of intent might still be signed at the MAKS airshow in Moscow this month.

A Rostec spokesman said the company had not left the talks and the signing is expected “in the near future”, though he could not provide details.

Bombardier was not immediately available for comment.

Chemezov estimated in February that the investment in the project would be about $100 million.

Rostec harbours hopes of breaking into the medium-range aircraft market in Russia, which international manufacturers such as Boeing, Airbus and Bombardier view as an important growth market.

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