India's first private sector made civilian aircraft NM5, developed by Mahindra Aerospace and NAL costs up to Rs 1.8 crore, is all set to take off within the next six weeks.
The company also plans to commission its upcoming airframe unit in Bangalore by June 2012.
"If everything goes well and according to our plan, we will be able to launch the five-seater NM5 aircraft developed in association with the National Aerospace Laboratories (NAL) as early as within the next six weeks," Mahindra Systech President Hemant Luthra told a select media gathering here yesterday.
Mahindra Systech is the holding company of Mahindra Aerospace, a subsidiary of auto major Mahindra & Mahindra.
The aircraft will cost anywhere between $350,000 and $400,000 (around Rs 1.6 crore and Rs 1.8 crore), which is roughly the price of a Ferrari. A prototype of the plane is in the final stage of testing, Luthra said.
"Now all depends on the confidence of the test pilot."
Mahindra Aerospace is an equal venture between the Mahindras and NAL, a Bangalore-based government institution. Commercial production of the NM5 is expected to begin at Mahindra Aerospace's under-construction airframe in Bangalore after the plane is tested.
The development cost of NM5 is $10-15 million (Rs 45-68 crore), which is considered low by industry standards, said Luthra, adding he expects to sell around 75-100 planes per annum from the fifth year of commercial production.
Mahindra Aerospace, which recently acquired two Australian firms, is working on manufacturing eight and ten- seater aircraft - GA8 and GA10 - at its Bangalore facility, which is expected to be operational by 2012.
