"It is now possible to find out how long an aircraft, defence equipment or a power plant will last using high end simulation technology," said Shamasundar, Managing Director of ProSIM R&D Pvt Ltd.
The company also claimed that it has technology to analyse and rectify component failure in aging MIG aircraft.
"We are into talks with Hindustan Aeronautics Limited and the Union Government to offer the technology, which will help to enhance the life of aircraft," Shamasundar told reporters here.
ProSIM has also tied up with Safe Technology of Sheffield, the UK, and Zentech International of London that specialises in virtual testing of fatigue and fracture of equipment, he said.
India has a large fleet of aging aircraft in both civil and military domains which needs to be assessed for the life assessment and extension for future use, he said, adding the cost of life extension will save several thousands of crores of rupees to Indian Air Force.
Safe Technology CEO Prof John Draper said the loss due to fatigue and fracture in aviation sector in US and Europe accounted for four per cent of the country's GDP annually.