Mahindra & Mahindra Ltd (M&M) has incorporated a step-down subsidiary, Novavayu Aerospace Ltd (NAL), to undertake aircraft manufacturing, aerospace products and related activities for the defence sector, the company said in a regulatory filing. Mahindra Group launches Novavayu Aerospace The company informed stock exchanges that Novavayu Aerospace Ltd was incorporated on July 29 as a wholly owned subsidiary of Mahindra Defence Systems Ltd (MDSL), with the Ministry of Corporate Affairs issuing the certificate of incorporation on July 30. "NAL is incorporated as a wholly-owned subsidiary of Mahindra Defence Systems Ltd. MDSL is a wholly-owned subsidiary of Mahindra Advanced Technologies Ltd, which in turn is a wholly-owned subsidiary of the company. Accordingly, NAL is a step-down subsidiary of the company," M&M said in the filing. The newly incorporated Mumbai-based company will cater to the defence industry and undertake the manufacture of aircraft, aerospace products, as well as related services and activities. Novavayu Aerospace has been incorporated with an authorised share capital of Rs 1 crore, comprising 10 lakh equity shares of Rs 10 each Mahindra Defence Systems, along with its nominee, has subscribed to 1 lakh equity shares aggregating Rs 10 lakh, making the company a wholly owned subsidiary of MDSL. Mahindra Defence Systems is a wholly owned subsidiary of Mahindra Advanced Technologies Ltd (MATL), which is in turn wholly owned by Mahindra & Mahindra. As a result, Novavayu Aerospace becomes a step-down subsidiary of the automotive and farm equipment major. The incorporation comes as Mahindra continues to expand its presence in the defence and aerospace segments through its defence business. The company did not disclose any immediate financial impact of the incorporation or provide additional details on the planned operations, investment timeline or manufacturing capacity of the new entity. Also read: ‘My heart goes out to those affected by the flood,’ says Nita Ambani as Reliance Foundation commits Rs 21 Cr for Assam
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