Embraer takes 51% stake in Indian joint venture with Mahindra
Embraer has acquired a majority holding in Novavayu Aerospace Limited, formed with Mahindra Defence Systems, as the two pursue an Indian Air Force transport aircraft requirement with the C-390 Millennium.
Embraer now holds 51 percent of Novavayu Aerospace Limited, a newly created Indian aviation company. Mahindra Defence Systems holds the other 49 percent. The two companies are deepening their cooperation as they campaign for a large Indian Air Force order.
Novavayu Aerospace was established on 29 July and has initial capital of one million rupees. It has recorded no operating revenue so far, and which industrial activities will be placed into the company is still undecided.
The stake is tied to India's Medium Transport Aircraft procurement programme. Embraer and Mahindra are offering the C-390 Millennium, a military transport that can carry up to 26 tonnes of payload. Lockheed Martin is competing with the C-130J Super Hercules.
Sources
- aerotelegraph.comC-390: Embraer übernimmt Mehrheit an indischem Gemeinschaftsunternehmen mit Mahindra