Boeing India has said it will collaborate with the government-run aerospace and defence company Mishra Dhatu Nigam Limited (Midhani) to develop raw materials for standard aerospace parts and components in India.
The announcement saw Midhani share price hit a new high of Rs 258.65 in the morning trade on October 19. At 1.30 pm, the share was trading at Rs 248.70 on the National Stock Exchange, up 2.62 percent from the previous close.
Indigenous availability of special aerospace materials and alloys has been identified as crucial for creating a self-reliant aerospace and defence industry in India, Boeing India said in a release on October 18.
The availability of essential aerospace materials is the first step in securing the supply chain, and aligning with the government's vision of Aatmanirbhar Bharat, the press release said.
"The public sector is a key part of Boeing’s supply chain footprint in India. A potential collaboration with Midhani will strengthen Boeing’s supply base and increase options for sourcing materials from India", said Salil Gupte, president of Boeing India. "This will be an important step in building India’s supply chain, from sourcing raw materials to supplying finished products. It will encourage commitment."
A government of India enterprise under the defence ministry, Midhani is a specialised metals and metal alloys manufacturer which makes superalloys, titanium, and special-purpose steel.
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"We are excited about the prospect of partnering with Boeing on raw materials for the aerospace industry. This sits well with our plans to collaborate with multinational institutions and companies to strengthen our capabilities for producing critically advanced technology products here in India," said Sanjay Kumar Jha, chairman and managing director, Midhani.
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