Mahindra & Mahindra, the new parent company of Gippsland Aeronautics, has announced plans to inject more than $20 million into the Airvan manufacturer.
The Indian automotive giant purchased a majority stake GippsAero in late 2009, and in early July confirmed its commitment to growing the Latrobe-based aircraft manufacturer’s business in Australia to service global clients with an initial fund of $2 million.
Arvind Mehra, Executive Director and CEO, Mahindra Aerospace Private Ltd. said Mahindra is committed to consolidating and expanding GippsAero’s business in Australia.
“Our future plans with GippsAero include producing two new aircraft – a 10-seater and an 18-seater to cater to this growing market,” Mehra said.
“We welcome Mahindra’s commitment to GippsAero,” Director George Morgan said. “I am sure our association with Mahindra will take the company to even greater heights [and] we look forward to the beginning of a new chapter in our history.”
“We are delighted to be a part of the Mahindra family and share in the company’s vision of evolving into a global aerospace OEM [original equipment manufacturer],” GippsAero CEO Dr Terry Miles added.
“GippsAero’s strong intellectual property and technological innovation combined with Mahindra’s brand name and global reach will ensure that together we become a force to reckon with in the aviation sphere.”
To date, GippsAero has produced more than 200 aircraft, which are currently flying in 34 countries.