NEW DELHI (BNS): A new India-Russian joint venture will built a military transport plane that could make its maiden flight by 2018, according to a news report.

Hindustan Aeronautics Limited (HAL) head Ashok Nayak told Russian news agency RIA Novosti, "We are at the initial stage of the project. Maybe in 6-8 years we shall have the prototype aircraft flying."

The MTA project will be implemented by a Russian-Indian joint venture, co-founded by Russia's arms exporter Rosoboronexport and United Aircraft Corporation (UAC) and India's HAL.

The two countries have signed an intergovernmental agreement on the joint development of a multi-role transport aircraft (MTA) in 2007. An agreement on the formation of the JV is expected to be signed during the current visit of Russian Prime Minister Vladimir Putin to India.

The cost of the $600-mln project is being equally shared by the two countries, Nayak said, adding, work will progress very fast for the formation of the joint venture as all necessary documents had been agreed on by both sides.

"Initially we expect to produce about 205 aircraft of which 30% will go on the world market," the HAL chairman said was quoted as saying.

The MTA will be most likely developed on the basis of the Il-214 twin-engine military transport aircraft designed by the Ilyushin Design Bureau. The aircraft is expected to be assembled in both Russia and India.

The new aircraft will feature a takeoff weight of around 55 tons, flight range of 2,500 kilometers (1,550 miles) and a payload of up to 20 tons, the report said.