Two french aerospace majors, Sagem and Snecma, which have substantial joint veture stake in India, today announced their merger into a new company Safran.The merger will make Safran, the second biggest French arms company after Thales with annual reveues exceeding more than 10 billion euros and a presence in 30 countries, according to a company statement.Snecma is a major partner with blue chip public sector undertaking Hindustan Aeronautics, with its engine powering the country's prestigious advance light helicopter.The statement said that company sales saw a substantial increase in aerospace equipment including propulsion systems.
