Maharashtra inks ~350 bn pact with a pilot to build aircraft

The dream of a commercial pilot to set up an aircraft manufacturing company is set to take wings with the Maharashtra government on Monday signing a ~350 billion pact with him to build aircraft.

Maharashtra Chief Minister Devendra Fadnavis was present when the MoU, which envisages ~350 billion investment in the project, was signed at the "Magnetic Maharashtra" global investors summit in suburban Bandra.

The MoU, between Amol Yadav and MIDC, will lead to generation of around 10,000 jobs in the project, which will be spread over 157 acres in Palghar district.

Last year, Fadnavis had assured all help to Yadav, 42, who hails from Satara district, to start manufacturing facility for indigenous 6-seater and 19-seater aircraft.

“I have to make planes. I have demonstrated the capabilities. Fadnavis wants the first plane making factory of the country to be in Maharashtra. The 157-acre plot was identified in Palghar. The MIDC will provide us land and support facilities like roads," Yadav told PTI.

"My responsibility is to build the plane and create the factory which will be producing more, and also to look after factories to be set up henceforth. This will be an aerospace hub to make planes," he said.

Maharashtra government will help in getting the required funds, Yadav said. "The government expects ~350 billion investment for not my company alone, but also for the ancillaries which will be a part of the hub," he said.

“~350 billion is the total amount of funds which will be required to achieve the broader targets. The target is to create employment for 10,000 people. The investment figure is included in the MoU agreement but it will not be coming from me alone,” he said.