India’s Mahindra Aerospace has pulled out of its GippsAero subsidiary in Australia, announcing during a recent earnings call that it had closed the business. “GippsAero is for sale to anyone who wants to buy it. But if there are no buyers, the business is already closed, ”said Anish Shah, deputy managing director and CFO of the group at Mahindra and Mahindra. He added that there are currently no aircraft orders.
“We have moved to a service model now and will continue to do so [that] model to meet the contractual obligations of aircraft. “But there is no further activity towards the production or sale of these aircraft,” Shah said.
The company was producing the single piston sound GA8 Airvan and was developing the only GA10 turboprop sound with 10 seats. Certified in 43 countries, more than 250 GA8 Airvans operate globally in tourism, freight, law enforcement and sporting flights, among others.
A former value-added seller (VAR) for GippsAero disputed the statement that there were no more orders for GA8, according to a company representative who asked to remain anonymous. “As a VAR integrating Airvan for surveillance customers,” he told AIN, “we were forced to abandon a contract for several aircraft purchases with a major state agency. Before the operation was terminated, GippsAero refused to take our order for “Some aircraft, prompting the cancellation of our contract with the agency. Furthermore and as needed, we have developed new capabilities for competing airframes and are in the process of transitioning current perspectives to other platforms.”
On the right track to “revive value creation,” Mahindra officials said the group would look at products that provide a 18 percent return on equity or that are a strategic investment. “GippsAero does not fall into any of the categories,” Shah said. “The positive is that the aircraft business is behind us as it has received a significant amount of money, and the industry has not been in good shape before.”
AIN has learned that Mahindra had invested more than $ 100 million in the subsidiary, with little return on investment since 2009 when it bought Gippsland Aeronautics (GippsAero) and Aerostaff Australia to produce aircraft and allied components to serve the global market.
The Mahindra Group, however, will continue with its airspace business in India. “He has a good long-term potential for us,” Shah explained. The group aerospace facility in India produces 100,000 parts and components per month for OEMs such as Airbus and Boeing.
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