GMR Group to develop aerospace manufacturing hub

GMR Group will invest Rs. 1,000 crore in developing the planned aerospace and defence manufacturing hub at Special Investment Region, in Hosur, which is situated in Tamil Nadu's Krishnagiri district.

This aerospace and defence manufacturing hub will be spread in over 600 acres, infrastructures like roads, sewages and electric lines will be built on 275 acres within 6 to 8 months, said the company.

The project is set to leverage on the government's Make in India push as it is one of those two hubs that were announced by the Finance Minister Arun Jaitley in the Union Budget 2018. The second aerospace and defence hub will come up in Uttar Pradesh.

The project is a joint venture between GMR Group and the Tamil Nadu Industrial Development Corporation.

At 11:36 hours, GMR Infrastructure was quoting at Rs. 20.10, up by Rs. 0.35 per share or 1.77 per cent against the previous close of Rs. 19.75. Currently, it is trading at 24.38 per cent below the 52-week high price and 41.55 per cent above its 52-week low price.