Bangalore-based engineering services provider QuEST is investing $25 million over the next three years to expand into aerospace manufacturing through a fully-owned subsidiary. The subsidiary, QuEST Machining and Manufacturing ,will provide precision machined components to aerospace companies.The investment will be for setting up a 20,000 sq.ft machining facility in Bangalore. While supporting major global aero-structure and aero-engine OEMs, the facility will have a cell dedicated to Magellan Aerospace, a Canada-based supplier and manufacturer of aerostructure components. The company has also signed a 10-year strategic agreement with Magellan for supplying components. The company which had a turnover of $28 million in FY06, said funds for the current expansion have been generated through internal accruals. To fund its next phase of expansion in aerospace component manufacturing, the company is "planning to go for an IPO in the third or fourth quarter of next year to support our future expansion,"Aravind Melligeri, president & CEO, QuEST Machining & Manufacturing, said.QuEST at present has a headcount of 950 engineers with 750 of them based out of its development centre in Bangalore. For FY07, the company has targetted $40 million in turnover, up 43% on the previous year.
