Hyderabad, June 18 (IANS): Boeing and Tata Advanced Systems Limited (TASL) have joined hands to set up a facility here to co-produce Boeing AH-64 Apache helicopter fuselages and other aerostructures.

Defence Minister Manohar Parrikar on Saturday laid the foundation stone of Tata Boeing Aerospace Limited (TBAL) at the aerospace Special Economic Zone (SEZ) at Adibatla on the city outskirts.

The facility will also deal in integrated systems in aerospace.

The Hyderabad production facility will eventually be the sole producer of AH-64 fuselage globally.

The AH-64 Apache is the world's most advanced multi-role combat helicopter and used by the US forces as well as many other countries, including India.

Parrikar termed the joint venture one of the initial big foreign direct investment in defence and aerospace under the government's 'Make in India' initiative.

He said things would be speeded up during the current financial year and hoped that there will be more such projects by the end of 2016-17.

Boeing and TASL last year signed a framework agreement to collaborate in aerospace and defense manufacturing and potential integrated systems development opportunities, including unmanned aerial vehicles.

TASL, a wholly owned subsidiary of Tata Sons, is already on contract to manufacture aerostructures for Boeing's CH-47 Chinook and AH-6i helicopters.

TASL already has partnership with major players like Ruag, Cobham, Pilatus, Lockheed Martin, Sikorsky and Airbus.

Boeing is the world's largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems.