BUSINESS
Mahindra will invest Rs1.5 billion into aircraft component manufacturing, and another Rs1 billion in aircraft manufacturing, Mahindra, who is also vice chairman of the group, said in Bangalore.
Mahindra & Mahindra, India's top utility vehicle and tractor maker, plans to invest Rs2.5 billion ($54 million) into aerospace business, its managing director Anand Mahindra said on Saturday.
Mahindra will invest Rs1.5 billion into aircraft component manufacturing, and another Rs1 billion in aircraft manufacturing, Mahindra, who is also vice chairman of the group, said in Bangalore.
Mahindra said the group is open to inorganic opportunities to grow its aerospace business.
"Clearly inorganic strategies are not out of our purview. It makes sense given our growth opportunities to look at inorganic... but as of now we want to consolidate what we have acquired," he said.
Last December, Mahindra along with Kotak Private Equity bought majority stakes in two small Australian firms, aerospace component maker Aerostaff Australia and aircraft maker Gippsland Aeronautics.
Mahindra said due diligence on the troubled Korean SUV maker Ssangyong Motor was on and the group will make a decision on bidding for the company by July. Mahindra is competing with France's Renault and four others to acquire Ssangyong. "Right now we are in a due diligence phase. Once we have completed, we will make our decision whether to put in a bid. Sometime in July we will have to make a decision," he said.
Earlier this month, Ssangyong -- owned 10 percent by China's SAIC Motor Corp -- said it had shortlisted six out of seven firms that had submitted letters of intent to buy the carmaker, under a court-led restructuring since early 2009.
Delhi-NCR Earthquake Today: Tremors of magnitude 4.3 jolt Delhi and adjoining areas
This film has broken world box office records, not Hollywood, Bollywood but...
Meet Satyam Pandey who got high-paying job offer, not from IIM, NIT, IIIT, his annual salary is…
Gurgaon couple reunites with lost dog after three-month search in Agra
Meet man, IIT graduate, who topped UPSC exam in third attempt, he is from...
Noida authority takes BIG action against promoters of 2 housing projects, as realty firm fails to...
WPL 2025: Ashleigh Gardner, Deandra Dottin star as Gujarat Giants beat UP Warriorz by 6 wickets
This city is the coldest, darkest and most polluted in the world, tourists are banned here due to...
New Fastag rules from tomorrow: Users may incur additional charges if...; check details
Inside Kareena Kapoor, Saif Ali Khan's son Jeh's mario-themed birthday bash, watch
Meet Indian genius, who got high-paying job offer, not from IIT, IIM, his annual salary is Rs…
Shoaib Ibrahim gifts new house to his mother-in-law, Dipika Kakar's mother gets emotional
Deepika Padukone joins Kartik Aaryan, Anil Kapoor, Jackie Shroff at Mumbai event; see viral photos
Man wanted in Canada's biggest gold heist found living in THIS Indian city, he is...
'Free Samay Raina': Badshah shouts at his concert in Gujarat
Amitabh Bachchan's son-in-law Nikhil Nanda faces legal trouble, FIR filed against businessman for...
'Rohit Sharma or Virat Kohli...': R Ashwin lambasts 'superstar culture' in Indian cricket
Bombay HC to hear PIL on Sushant Singh Rajput's death, actor's father says...
Ajay Devgn's absence from Kajol's Valentine's Day post sparks speculation: 'Kalesh chal raha hai'
Anil Ambani-led company's loss widens to Rs 3298 crore in just...; its business is...
Premanand Maharaj's morning yatra set to resume after..., it was stopped because...
Champions Trophy 2025: Gautam Gambhir, Ajit Agarkar clash over Shreyas Iyer's position in team
239 composite liquor shops to be opened in..., booze business ramps up in...
Mukesh Ambani may lose the position of Asia's richest after Reliance loses...in just...days
Elon Musk-led DOGE halts Rs 175 crore election funding for India due to...
Malaika Arora shares her Paneer Thecha recipe, here's how you can make it
Mahakumbh viral girl Monalisa steps into 5-star hotel for lunch for first time, see viral post
Meet CID-fame actor, who once did a show for Rs 20, lost his wife due to...now earns...
Vinod Kambli makes surprising move, former Indian cricketer decides to donate...
Sachin Tendulkar breaking heart on V Day with Anjali in tow is oddly satisfying, watch viral video
Ekta Kapoor to face police probe, Mumbai court orders inquiry for...
Lahori Zeera makers likely to get Rs 450 crore as fundraising from Motilal Oswal among others
'You're pregnant': Ileana D'Cruz expecting second child with Michael Dolan!
Akshay Kumar touches Amitabh Bachchan's feet at ISPL2 finale, their association goes back to...
Who is Lalit Modi’s new Valentine? All about Rima Bouri, IPL founder’s new girlfriend
India's big 'treasure' is hidden here, once THIS work is done country will earn Rs...
This country hits big JACKPOT, discovers one of world's biggest gold reserves worth Rs...
Roadies XX star Prince Narula, Yuvika Chaudhary demand Rs 20 lakh bribe? Here's what we know
What led to stampede at New Delhi Railway Station that killed 18 people? 10 points
King Kong: This 6-Foot-8 buffalo named the world’s tallest by Guinness World Records
Shakira’s metallic wolf gown took 600 hours to create, designed by THIS Indian couturier
84 year marriage, 13 kids, 100 grandkids, viral couple sets record
Harshvardhan Rane, Mawra Hocane react to Amitabh Bachchan's shout out to Sanam Teri Kasam re-release
Chhaava box office collection day 2: Vicky Kaushal, Akshaye Khanna film mints Rs 67 crore