Mahindra Defence signs MoU with Japanese aircraft maker

In a significant development, Mahindra Group’s Mahindra Defence signed an agreement with Japan headquartered ShinMaywa Industries to set up manufacturing and assembling of structural parts and components for US-2 amphibian aircraft on Wednesday.

The company signed the MoU with ShinMaywa Industries which manufactures Amphibious Aircraft US-2 at a key event at Defexpo 2018, Chennai. The agreement includes providing MRO services for the aircraft.

Shinmaywa Industries’ Amphibious Aircraft US-2 is a veritable force multiplier that fulfills a multitude of missions in a single platform. It is also the only ‘in service’ amphibian aircraft with STOL features, long endurance and extended radius of operations with large payload capacity among others. At present, India and Japan are discussing the methodology of procurement of Amphibian Aircraft US-2 requirements of the Indian Navy, and ways to induct the aircraft in India.

Following the development, Mahindra & Mahindra hit an intraday high of Rs. 784 per share and an intraday low of Rs. 773.45 per share on BSE. The stock had hit its 52-week high of Rs. 802.80 per share on February 1, 2018 and its 52-week low of Rs. 612.50 per share on September 27, 2017 on BSE, respectively. At 13:18 hours IST, the stock was trading at Rs. 779.75 per share, higher by 0.06 per cent on BSE.