Mahindra Group forays into aerospace segment to manufacture aircraft

According to a PTI report, marking its foray into the aerospace segment recently, Mahindra Group said that it plans to manufacture aircraft in the two-to-twenty-seater range. It also announced acquiring majority stake in two Australian companies.

Mahindra Aerospace Pvt. Ltd. (MAPL), belonging to Mahindra Group, plans to invest Rs 175 crore over the next four-five years to manufacture 475 aircraft in the two-to-twenty-seater range, as well as expects a peak turnover of Rs 650 crore from the segment. The Group also announced the acquisition of two Australian companies--Aerostaff Australia and Gippsland Aeronautics.

Hemant Luthra, President (Systech Sector), and Member of the Group Management Board, Mahindra and Mahindra Limited said that the Group will hold a 75.1 per cent stake in each company. A plant is being set up in Bengaluru to complement these acquisitions and provide dual shoring and benefits to customers.