Jaivel Aerospace has decided to set up a manufacturing facility at Sanand near Ahmedabad to make smart tooling and precision flying components.
The company, which has a turnover of roughly Rs 30 crore or £ 3 million, is planning to invest Rs 103 crore over the next five years in three phases.
Vipul Vachchani, Founder and CEO, said, “Following the completion of land acquisition from GIDC, the first phase development will start, which will be completed by December 2018. The first phase investment will be Rs 20 crore.”
The company is planning to achieve Rs 80-90 crore turnover in the next five years. Most of the production at the facility will be exported.
Image Credit : thehindubusinessline.com