Mahindra Aerospace expanding presence in India
Aug. 4, 2011, Mumbai, India - Mahindra Aerospace is planning to launch 10- and 18-seater aircraft, which will be built by Australia based unit GippsAERO, to expand its presence in the aerospace industry in India.
The aircraft will cater to demand in India, which can serve the people for various purposes such as pilgrimages and organised tours.
Mahindra Aerospace is also planning to test a five-seater aircraft, NM5 during this quarter in a joint operation with National Aerospace Laboratories.
The company is planning to invest Rs4.5bn ($102.2m) in its aerospace business, of which about Rs1bn ($22m) will be spent in the two acquisitions.
The company is planning to spend Rs2.8bn ($62.9m) on a factory near Bangalore, India, and the rest will be spent in setting up a distribution network in the US and China.