Mahindra Aerospace is in a hurry to capture the huge defence procurement market in India as other competitors race to win lucrative contracts.
Part of the $17 billion Mahindra Group, the company is now in talks with private equity groups to raise between $50-80 million, reports Mint. Mahindra Aerospace will use the funds to expands its manufacturing capability and acquire smaller firms, the report said.
The company has a manufacturing unit near Bangalore, and in Australia where it produces an eight-seater aircraft. The new funds will help it compete better with peers in supplying parts and equipment for defence projects of global majors like Airbus and General Electric.
A spokesperson at Mahindra Group said they won't comment on speculative stories, in response to HuffPost's email.
This news comes after the company signed a flurry of contracts last week at the Paris International Air Show. The first contract is with GE Aviation, a unit of General Electric Co., to make small, metallic complex structural sheets. The second was signed with Germany's Premium AEROTEC, a Airbus subsidiary to make metallic components for Airbus aircraft.
19/06/15 Anirvan Ghosh/HuffPost India
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Part of the $17 billion Mahindra Group, the company is now in talks with private equity groups to raise between $50-80 million, reports Mint. Mahindra Aerospace will use the funds to expands its manufacturing capability and acquire smaller firms, the report said.
The company has a manufacturing unit near Bangalore, and in Australia where it produces an eight-seater aircraft. The new funds will help it compete better with peers in supplying parts and equipment for defence projects of global majors like Airbus and General Electric.
A spokesperson at Mahindra Group said they won't comment on speculative stories, in response to HuffPost's email.
This news comes after the company signed a flurry of contracts last week at the Paris International Air Show. The first contract is with GE Aviation, a unit of General Electric Co., to make small, metallic complex structural sheets. The second was signed with Germany's Premium AEROTEC, a Airbus subsidiary to make metallic components for Airbus aircraft.
19/06/15 Anirvan Ghosh/HuffPost India