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 majority stake in two Australian companies.
Mahindra Aerospace Pvt Ltd, belonging to Mahindra group, plans to invest Rs 175-crore (Rs 1.75 billion) over the next 4-5-years to manufacture 475 aircraft in the two-to-twenty-seater range and expects a peak turnover of Rs 650 crore (Rs 6.50 billion) 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 per cent stake in each company, Systech Sector and member of the group management board, M&M, Hemant Luthra, said.
A plant is being set up in Bangalore to complement these acquisitions and provide dual shoring and benefits to customers, he added.
