Tuesday, April 27, 2010

Mahindra acquires 2 Australian Aerospace companies

India’s Mahindra & Mahindra Ltd.said Tuesday it has acquired a 75.1% stake each in two Australian aerospace companies for INR1.75 billion (US$37.4 million) to expand its aircraft and aerospace-component manufacturing business.Mahindra & Mahindra has bought two small Australian firms to build its aerospace capacity so it can compete for large orders from airline manufacturers modernising Indian defence forces.The company on Tuesday said it and India’s Kotak Private Equity had bought majority stakes in component firm Aerostaff Australia and aircraft maker Gippsland Aeronautics for 1.75 billion rupees ($37.5 million)......................LINK

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