Mahindra incorporates step-down subsidiary Novavayu Aerospace for aircraft manufacturing

Mahindra Group on Thursday said it has incorporated a new step-down subsidiary, Novavayu Aerospace Ltd (NAL), to manufacture aircraft, aerospace products and undertake related activities.

In a regulatory filing, the company said NAL has been incorporated as a wholly owned subsidiary of Mahindra Defence Systems Ltd (MDSL). MDSL is a wholly owned subsidiary of Mahindra Advanced Technologies Ltd, which is, in turn, wholly owned by Mahindra & Mahindra Ltd, making NAL a step-down subsidiary of the company.

The newly incorporated entity will primarily cater to the defence sector and has been set up with an authorised share capital of Rs 1 crore. NAL will be headquartered in Mumbai.


(With inputs from PTI)