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00:28 GMT +3 hours22 December 2014
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Russia

MiG Plane Maker Big ‘Money Loser’

Russia
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Russia’s aircraft making corporation MiG is a loss-making enterprise, parliamentary defense committee head Vladimir Komoyedov said on Thursday.

Russia’s aircraft making corporation MiG is a loss-making enterprise, parliamentary defense committee head Vladimir Komoyedov said on Thursday.

“MiG Corporation has been a loss-making enterprise in recent years. The less than optimal distribution of manufacturing infrastructure causes some concern,” he said.

The Defense Ministry has been reducing the share of MiG aircraft, which used to be the core of fighter aviation in the USSR, he said.

He did not elaborate.

A press handout distributed ahead of the committee meeting said MiG has completed modernization of the first six MiG-29 UPG fighter jets for the Indian Air Force, under a contract signed in March 2008.

It also said MiG Corp. has more than 100 standing contracts with 20 countries worth more than $6 billion.