Mahindra buys majority stakes in two Australian aerospace companies
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  • India’s Mahindra Group, a $6.6 billion industrial conglomerate, simultaneously acquired majority stakes in two Australian defence and aerospace companies, Aerostaff Australia and Gippsland Aeronautics. Aerostaff Australia is a component manufacture of high-precision close-tolerance aircraft components and assemblies for large aerospace companies. Gippsland Aeronautics is a manufacturer of small segment turbo-prop aircrafts. The acquisition of the companies, valued Rs. 175 crores, will propel Mahindra to expand its interests in defence beyond the land based systems. It announced to set up a joint venture with UK’s largest defence company BAE Systems to manufacture land-based system in November 2009.1