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Mahindra Group has incorporated Novavayu Aerospace Ltd (NAL) as a step-down subsidiary to manufacture aircraft, aerospace products and undertake related activities, according to a regulatory filing. The company will primarily cater to the defense sector.
Novavayu Aerospace has been incorporated as a wholly owned subsidiary of Mahindra Defense Systems Ltd (MDSL). MDSL is a wholly owned subsidiary of Mahindra Advanced Technologies Ltd, which is in turn wholly owned by Mahindra & Mahindra Ltd. Novavayu Aerospace is therefore a step-down subsidiary of Mahindra & Mahindra.
The new company has an authorized share capital of ₹1 crore and will be headquartered in Mumbai. The filing states that its activities will include aircraft manufacturing, aerospace products and related activities.
The company has not disclosed details on the specific aircraft to be manufactured, production plans, investment beyond the authorized share capital or timelines for starting to manufacture. No management quote was included in the regulatory disclosure.
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