A unit of Mahindra Group has signed a new deal with long-time partner Aernnova Aerospace Corp. to manufacture some aircraft parts for Airbus SA and Embraer SA in India.
As part of the $300-million multi-year contract, Mahindra Aerostructures Pvt. Ltd. will make metal sub-assemblies and components and supply them to Aernnova Aerospace's sites in Spain, the UK, Portugal and Brazil, according to a company statement on Tuesday.
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“This partnership with Mahindra will enable Aernnova to reinforce its supply base to secure production ramp-ups in our factories for all our programs, fulfilling our mission to deliver to our customers,” Aernnova Aerospace's Chief Executive Officer Ricardo Chocarro said. “We have great confidence in their expertise and high-end technology capabilities…”
Mahindra Aerostructures and Aernnova Aerospace first allied in 2013 when the Spanish firm helped the Indian conglomerate build out its aerospace plant in Bengaluru. The relationship stepped up when Aernnova acquired Mahindra Aerostructures' existing customer Hamble Aerostructures from General Electric Co. in 2020.
The new contract builds on this base to explore multiple synergies in the years to come.
“We are delighted with the confidence Aernnova has reposed on us and are grateful for their support,” Mahindra Group CEO Anish Shah said. “As we scale up our operations and make significant investments in our aerospace business.”
Mahindra-SML Isuzu Deal
Separately, the Competition Commission of India approved Mahindra & Mahindra's deal to acquire 58.96% stake in SML Isuzu Ltd. for Rs 555 crore at Rs 650/share. That will now trigger a mandatory open offer to acquire additional 26% stake from public shareholders.
The acquisition bolsters M&M's presence in the commercial vehicle market, particularly in the truck and bus segment where it has little presence. SML Isuzu will continue as a listed entity after the acquisition is complete.
On Tuesday, M&M shares fell 0.43% to Rs 3,007.80 apiece on the BSE even as the benchmark Sensex ended the day 0.26% lower at 81,583.30 points.
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