Mahindra & Mahindra (M&M) of India acquired a 75.1-percent stake each in Australia’s Aerostaff Australia (AA) and Gippsland Aeronautics (GA), a deal worth about $37.4 million. Mahindra said it will retain the existing managements of GA and AA. The company earlier invested $10 million in Mahindra Aerospace’s facility in the south India city of Mallur, which it expects to be ready by July. It plans to manufacture piston and turboprop airplanes in the two- to 20-seat segment there. Gippsland’s product portfolio includes the GA200C agricultural aircraft, eight-seat GA8 Airvan and an 18-seat turboprop. The portfolio will also include the N5, a five-seat aircraft that is being jointly developed by Mahindra with India’s National Aerospace Laboratories. The company expects aircraft production to begin by next year.
India’s Mahindra Acquires Gippsland, Aerostaff
- January 27, 2010, 4:00 AM