Setting the ball rolling for its ambitious Aerospace park to come up in Sriperumbudur, Tamil Nadu government has allocated land for 14 companies besides setting up an Advanced Computing and Design Engineering Centre at an outlay of ₹350 crore.
Tamil Nadu Industries Development Corporation (TIDCO) has proposed to set up an Aerospace Park in a move to help the industry grow in the state on a 600-acre land at the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) Industrial Park, Sriperumbudur.
“Land has been allocated for 14 companies while seven more firms have approached TIDCO seeking land,” an official release said today. In order to attract aeroparts component manufacturing companies, TIDCO is setting up an Advanced Computing and Design Engineering Centre at an investment of ₹350 crore, it said.
Similarly, Tidal Park Ltd would also set up a multi-storeyed building in the park on a 12-acre land. The construction work is expected to begin by June-July.
Special Correspondent reports:
According to the Confederation of Indian Industry, the country’s premier trade lobby, out of the defence expenditure, approximately 15-20% ($15-20 billion) is expected to be spent on military aircraft.
Assuming an offset of 30% for the civil aviation sector too, the total offset opportunity for the aerospace sector is valued to be at least $10-15 billion. As Indian manufacturing capabilities mature over the years, it is expected to capture a large share of this opportunity.
The Indian aerospace industry is one of the fastest-growing aerospace markets in the world. The rapid growth of this industry has attracted major global aerospace companies to India. All segments in the aerospace industry, including civil and military aviation and space, are showing a significant level of growth.
The globalization of maintenance, repair and overhaul (MRO) services, manpower cost competitiveness, the availability of talent, locational advantages and the presence of specialist capabilities combine to make India a potential global/regional MRO hub.
India’s MRO segment is estimated to grow at 10% and reach $2.6 billion by 2021.
