Kaman Aerospace Group, a US based firm has increased its stake in its Goa based joint venture, Kineco Kaman from 26 per cent to 49 per cent. The joint venture is looking forward to an expansion in two phases in the next 12-18 months. Kineco Group is the India based partner in the joint venture.
The aims of the expansion isfor the company to be ready for the possible growth of 15 per cent in aerospace, medical imaging and space exploration sectors in the coming years.
“The company manufactures advanced composite structures for aerospace and other industries for customers, including, BAE Systems, Hindustan Aeronautics Limited and Vikram Sarabhai Space Centre, and we expect the sector in India to see about 15% growth. We expect a similar growth for the company, as well. When that happens, we want to have the first mover’s advantage,” said executive vice-chairman, MD and promoter of Kineco, Shekhar Sardessai in a ToI report.
However, the company has not disclosed the investment made by its American counterpart in Kineco Kaman to increase its stake.
“Our increased ownership stake reflects our commitment and confidence in the potential of the rapidly growing Indian aerospace industry. We entered the joint venture to support our strategy to provide our customers with a complete aerosystem solution and this helps us offer customers a one-stop full complement of seamless services, including design, tooling, testing, certification, low-rate initial production, through steady state high velocity production,” said chairman, president and chief executive officer of Kaman Corporation, Neal Keating in a ToI report.
The Kineco had established the composite manufacturing facility in Goa in 2004. In 2012, Kineco Kaman Composites-India Pvt. Ltd. a joint venture was set up.