UAE’s Mubadala plans to enter Indian aerospace market

New Delhi: An Abu Dhabi government-backed investor with $24 billion (Rs1.12 trillion) in assets, Mubadala Development Co. plans to enter India’s aerospace market by next year and is in talks with several potential partners, including the Tata group.
The company has stakes in the US-based Carlyle Group and Zurich-based SR Technics. Along with Tata Ltd, the UK arm of the Tata group, it is also a one-third partner in Italian aeronautics firm Piaggio, which specializes in producing business jets, engine parts and structural components.
It now wants to shift part of the manufacturing for Piaggio business jets to India, where they will be cheaper to build than Italy, said Homaid Al Shemmari, executive director for aerospace at Mubadala.
“We have been eyeing the Indian aviation sector—not the airline, but the services, the MROs (maintenance, repair and overhaul of aircraft), the training—and we are trying very hard to find the right partner to penetrate the market,” Shemmari said in an interview on the sidelines of the Farnborough air show in the UK.
He declined to specify the range of investment the firm was looking at, but added that partners will be announced once they are finalized.
31/07/10 Tarun Shukla/Live Mint

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Categories: Foreign Jul 2010, New Jul 2010