The Martin Aircraft Company has recently entered into an agreement with an international aircraft firm to produce Martin Jetpack, a private helicopter, which will now be available commercially.

As of now, Martin has declined to provide any details of its partner in the $12 million deal. The unanimous partner's license for manufacturing the Martin Jetpacks would be indigenous.

The other details of the agreement, including the location of the manufacturing plants, branding specifications, etc are also kept secret.

The deal views its partner with a 51% stake in its new company, which will be built after the final compilation of the documents. With this, Martin would stick to the supplying and retailing joint-venture Company.

Glenn Martin and Lauder, inventors of Jetpack, would be appointed as the directors of the new company.

Martin has been looking forward to other similar deals with other renowned international partners.

"Martin's portion of that as a supplier would give us a lifeline, but it doesn't give us the sort of venture capital we need", said lauder.

Martin and its partner company are seeking an income of $100 million, in the next 3 years.