Mubadala Development Co. plans to enter India's aerospace market by next year and is in talks with several potential partners, including Tata group, according to Indian news website livemint.com.
Mubadala Development has stakes in the Carlyle Group and, along with Tata Ltd, the UK arm of the Tata group, it is also a one-third partner in Italian aeronautics firm Piaggio, which specializes in producing business jets, engine parts and structural components.
Mubadala now wants to shift part of the manufacturing for the Piaggio business jets to India, where they will be cheaper to build than Italy, said Homaid Al Shemmari, Executive Director for aerospace at Mubadala, according to livemint.
"We have been eyeing the Indian aviation sector -- not the airline, but the services, the MROs (maintenance, repair and overhaul of aircraft), the training -- and we are trying very hard to find the right partner to penetrate this market," Shemmari said.
He declined to specify the range of investment the firm was looking at, but added that partners will be announced once they are finalized. "I wouldn't hope anything happening before June next year."