JOIN US Maini Aerospace, a part of Maini Precision Products (MPP) which forayed into the aerospace vertical in 2005, has said that it will achieve 30% annual growth in the coming three fiscal years.
In an interaction with DH, Maini Precision Products Managing Director Gautam Maini said that at the moment 30% growth organic is very healthy one in the industry. “I would like to say that our organic growth is very strong. When we discuss it in Europe, they became wonderstruck as the growth in that region is only 2-3%,” said Maini.
He said the company started in a modular manner in 2005 with one customer SNECMA, and has reached a level where the company has customers like French aerospace engine manufacturer Safran.
“We are focusing on aerostructures, aero engines and aero systems. In each of these verticals, we started to create the same success stories and have grown over a period of time,” he said.
To cater to the growing demand, the company has also decided to set up a dedicated manufacturing unit at Bommasandra in Bengaluru.
“The new plant will have a built area of 60,000 sq feet for aerospace manufacturing. MPP has recently received private equity investment of $17 million to support its growth plan, which is available for aerospace division as well,” he said.
Maini pointed out that the aerospace sector takes a much longer time for product approval and development. Also, the company should be very patient and you should have a very long-term plan.
“I always described aerospace as a space where you make the root for about seven to eight years, and then the stem comes out and we are in the space where the stem has come out in the last couple of years. There is an exponential positioning for growth and strong ‘Make in India’ story. All those factors are coming together,” he added.
He also pointed out that the company now exports 60% of its production.
“We exported 90% in 2003. Now some of our customers ask us to deliver locally, but ultimately the product we make is all going abroad directly or indirectly which reinforces the ‘Make in India’ idea,” he said.
“Besides Safran, Eaton, Marshall and Magellan, we have customers from all the who’s who in the aerospace industry. We make about 400 active components and develop capability to make new products,” he said.
He also pointed out that the company now exports 60% of its production. “We exported 90% in 2003. Now some of our customers ask us to deliver locally, but ultimately the product we make is all going abroad directly or indirectly which reinforces the ‘Make in India’ idea,” he said.