M&M shuts Australia aerospace subsidiary

CHENNAI: Mahindra & Mahindra has announced its exit from Australian aerospace subsidiary Gippsland Aerospace as part of its

evaluation process

to reduce exposure to loss-making

global subsidiaries

.


“We have shut down that business and it is up for sale. We have moved to a service model to meet

contractual obligations

. We felt that the business was taking up a lot of finances and globally that industry is not doing well,” said Anish Shah, deputy MD & group CFO, M&M.

However, Mahindra will continue to be invested in the

aerostructure

business, which provides components to big-ticket aircraft makers.