Mahindra scouts for aerospace parts makers

New Delhi: Mahindra Aerospace, part of the $12.5 billion Mahindra group, on Monday said the company is in talks to acquire stakes in a few aircraft component manufacturers in Europe and US. The company will carry out a maiden test flight of its indigenously developed five-seater plane within this quarter and plans to make 10 and 18-seater aircraft in the near future.
“We are in talks to acquire stakes in tier 1 suppliers specialising in metal components for aircraft. We looked at three companies with revenues ranging from $200 million to $1 billion. But $1 billion will be expensive for us, so we will seek some stakes in smaller companies,” president - Systech sector and member of group executive board, Mahindra & Mahindra, Hemant Luthra, told reporters here.
Without divulging much, Luthra said the prototype of the five-seater aircraft – NM5 – is being built jointly with National Aerospace Laboratories. When asked about the cost of the aircraft, he said, “I am hoping that it would not cost much more than a Ferrari, which is not bad for a plane.”
01/08/11 S Ronendra Singh/mydigitalfc.com

To Read the News in full at Source, Click the Headline

Categories: Indian Aviation- In General Aug 2011, New Aug 2011