Mahindra Sets Up Novavayu Aerospace for Aircraft Manufacturing Business.

Mahindra Group recently announced the incorporation of Novavayu Aerospace Ltd (NAL), a step-down subsidiary, to undertake aircraft manufacturing, aerospace products and related activities.

In a regulatory filing, Mahindra & Mahindra Ltd (M&M) 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 a wholly-owned subsidiary of M&M, making NAL a step-down subsidiary of the company.

The Mumbai-headquartered company has been incorporated with an authorised share capital of Rs 1 crore and will cater to the defence industry, the filing added.