A joint venture called Reginson India to manufacture engine components for the aerospace market has been formed between an Indian, Spanish and British company. It will see an investment of Rs 25 crore in three phases and employ about 100 in the next one year.
The joint venture partners are a Hyderabad-based, privately held firm - Raghu Vamsi Machine Tools Ltd, Industria de Tuberias Aeronauticas (ITA), Spain and Reginson Engineering Ltd (“Reginson”), UK.
A manufacturing unit was inaugurated here today with Mr Ignacio Mataix, Mr Valentin Gorrono both CEOs from ITA and ITP Spain and Mr Stephen Hatch, Chairman Reginson, UK, participating.
The 100 per cent export-oriented unit is expected to start commercial production next month. The projected turnover is Rs 10 crore in the first year with a target of reaching Rs 100 crore over the next five years said Mr Vamsi Vikas, Managing Director of the Hyderabad company, which is into manufacturing of precision engineering parts for Aerospace and Defence industries.
The three partners will hold equal equity. It will manufacture machined components designed to be assembled into rigid and flexible pipes or ducts or end fittings, which go into the aircraft engines and will be exported for Rolls Royce engines, Mr Vikas told Business Line .
The Hyderabad-company has been supplying components to Thales Aerospace, Airbus Industries and Honeywell among others, he said.
ITA is a wholly owned subsidiary of Industria de Turbos Propulsores S.A, (a subsidiary of Rolls Royce & Sener Aerospace), a leading Spanish company in the aero engines global market.
Additionally it is a principal partner in key European military engines like the EJ200 for the Eurofighter, a release said.