HYDERABAD: Skanda Aerospace Technology Pvt Ltd (SATPL) said on Thursday that it plans to invest Rs 50 crore to set up a factory in Hyderabad to manufacture helicopter gears and gearboxes in the country.
The plant will come up at Adibatla and production will start by January 2023, for which a joint venture agreement has been signed recently. SATPL is a joint venture concern between Raghu Vamsi Machine Tools (RMVT) and US-based Rave Gears, LLC.
The US company will hold a majority stake of 55 per cent in the joint venture, while the Indian partner will own the rest of the stake. The company expects to employ 1,000 in the next three to five years.
Rave Gears LLC is a designer, manufacturer and system integrator of gears and precision drive trains for its customers in the aerospace, defence, automotive and industrial sectors.
Raghu Vamsi Machine Tools is a leading supplier of High Precision Products and subassemblies to leading OEMs such as Boeing, GE Aviation, Eaton, Honeywell etc.