Taneja Aerospace likely to float JV with TIDCO

Bangalore based Taneja Aerospace is planning to float a joint venture with Tamil Nadu owned TIDCO to create a new facility at Hosur, reports quoted.

The Tamil Nadu agency is slated to get a small stake in the joint venture to play the role of a facilitator.

Taneja Aerospace is planning to expand its existing facility at Hosur by acquiring an additional 250-300 acres for an investment of Rs 300 crore.

The new unit will manufacture aero parts and would exploit opportunity in the MRO — maintenance, repair and overhaul.

Taneja Aerospace is on the look out for foreign partners to fund the project.