Taneja to raise Rs 27 cr for capex

Taneja Aerospace and Aviation will raise Rs 27 crore for capital expansion through a global depository receipt (GDR) issue.

Salil Taneja, vice-chairman of the Rs 90 crore private sector aircraft manufacturing company, said: "We are raising $6 million to fund our expansion in aerospace and aero-structure business."

Taneja has set up a facility to manufacture aero-structures, wire harnesses and other parts for domestic and international agencies.

Apart from this, it undertakes third-party maintenance of aircraft. According to Taneja, the company is planning to build a maintenance facility at Hosur, its manufacturing factory, as well as set up additional air hangars.

To cater to the growing demand of aero-structure business, the company will plough resources to expand its composite, new machine and sheet metal shops, thereby, giving a fillip to its existing business.

The company designs and develops composite airframes for the remote pilotless vehicle (RPV), Nishant, and its design facility is certified by Director General for Civil Aviation (DGCA).

It also manufactures seat parts for Indian Airlines and develops and manufactures galley equipment parts for Jet Airways.

Taneja Aerospace is the sole Indian representative for Cessna Aircraft Company, US for their Citation range of business jets and the Caravan turbo-prop utility aircraft. Besides, it is a manufacturing contractor for US-based IndUS Aviation Inc.