Bangalore: The U.S.-based defence and aerospace company Lockheed Martin intends to begin "putting meaningful work" in India independent from any sales contracts.

The $37.2-billion company said in a statement here on Saturday that initial projects could involve manufacturing work and engineering development activities.

Lockheed Martin is holding a two-day aerospace and defence suppliers' conference here beginning Monday. The company has been surveying potential relationships in India and sees great opportunity to add value to its product lines by working with the industry here.

"Lockheed Martin views the Indian Government's new offset policy as an opportunity to create `win-win' relationships that can help deliver high quality products at affordable costs," it said.

The company said the two-day conference would seek to "establish inroads for commerce between its current supplier team and Indian companies that could provide parts and services for Lockheed Martin products."

Briefing presspersons, Orville Prins, company vice-president, Business Development for India, said about 15 associated U.S. and international companies would attend the conference, including BAE Systems of Britain, Elbit of Israel, General Electrics, Pratt and Whitney and Raytheon. About 50 Indian companies were expected to attend, he said. Efforts would be made to establish relationships with both private and public Indian companies that could work with Lockheed Martin to meet licensed production and offset requirements related to future sales of Lockheed Martin products.

Indian companies had some excellent capabilities and the international suppliers' team was expected to establish agreements this year that would result in export sales from India.

Tax saver schemes

Public and private sector banks are rushing to introduce tax-saver term deposit schemes after the Union Government issued a notification stating that bank term deposits with minimum tenures of five years would qualify for benefits under Section 80 C of the Income Tax Act.

Public sector Vijaya Bank launched a new term deposit scheme called `Vijaya Tax Savings Scheme' from August 18 while private sector IndusInd Bank Ltd. also introduced its `Indus Tax Saver Scheme' to lure depositors by providing tax benefits.

No term deposit under this scheme can be withdrawn before the expiry of five years from the date of deposit. Also, such term deposit cannot be pledged to secure a loan or as security for any other asset.

While Vijaya Bank is offering an interest rate of 8 per cent a year for the term deposits with senior citizens getting an additional interest rate of 0.75 per cent, IndusInd Bank offers 8.50 per cent a year and 9 per cent for senior citizens.

Depositors can opt for either cumulative or non-cumulative way of crediting periodic interest.

Public sector Syndicate Bank had a similar scheme earlier this week.

Vijaya Bank has also increased interest rates on domestic term deposits for different maturity periods.

The bank said in a statement that the revised rates were applicable for fresh deposits as well as renewal of matured deposits. Senior citizens were eligible for additional interest of 0.75 per cent, it said.

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