Magellan Increases Investment in Triveni Aeronautics
AERO INDIA 2019, Bangalore, India – Wednesday, 20 February 2019 — Magellan Aerospace Corporation (“Magellan”) announced today it has increased its investment in Triveni Aeronautics Pvt. Ltd. (“Triveni’) to 75%. Triveni is based in Tumkur, Karnataka located north west of Bangalore in India. The company specializes in hard metal machining of aeroengine and aerostructure components.
Magellan’s investment in Triveni commenced in 2013 when it acquired a 49% share of the business. Since then the company has grown, prospered and played a major role in Magellan’s overall strategy in India. The acquisition of additional shares announced today will afford Magellan the opportunity to expand and to further develop Triveni’s capabilities and business processes to support Magellan’s customers in India.
This investment comes at a time when Magellan further increased its footprint in India with the construction of a 100,000 sq. ft. facility based in the Aerospace Special Economic Zone situated next to Bangalore International Airport. The completion of this facility, Magellan Aerospace (India), was the first of a two-phase construction that will see the plant grow to 140,000 square feet in the future.
Magellan has been involved in India since 2005. These latest investments not only further cement Magellan’s presence in India but also demonstrate Magellan’s commitment to India which is a key element in Magellan’s global strategy.
About Magellan Aerospace Corporation
Magellan Aerospace Corporation is a global aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defence and space agencies worldwide. Magellan designs and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced proprietary products for military and space markets, and provides engine and component repair and overhaul services worldwide. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout North America, Europe, and India.
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Director, Corporate Communications
Ph. +1 204 228 3719