Marking its foray into the aerospace segment, Mahindra group today said it plans to manufacture aircraft in the two-to-twenty-seater range, and also announced acquiring a majority stake in two Australian companies.
Mahindra Aerospace Pvt Ltd (MAPL), belonging to Mahindra group, plans to invest Rs175 crore over the next 4-5 years to manufacture 475 aircrafts in the two-to-twenty-seater range, and expects a peak turnover of Rs650 crore from the segment.
The Anand Mahindra-led conglomerate also announced the acquisition of two Australian companies – Aerostaff Australia and Gippsland Aeronautics.
Mahindra will hold a 75.1% stake in each company, Systech Sector and Member of the Group Management Board, M&M, Hemant Luthra, told reporters here.
A plant is being set up in Bangalore to complement these acquisitions and provide dual shoring and benefits to customers, he added.
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