Aero SEZ to come up in Andhra

Hyderabad: Hyderabad-based MTAR Technologies will invest about Rs 100 crore in the aerospace and precision engineering special economic zone (SEZ) at Adibhatla in Rangareddy district, said MTAR chairman P Ravindra Reddy.

The SEZ, which is coming up on 280 acre, is the first of kind and is likely be begin operations in one-and-a-half years. Tata, TVS and about 50 local industries have proposed to set up their units here.

Speaking to the media, Reddy said the company would depend on internal sources for funding the project. “MTAR is modernising and expanding its facilities to cater to the global markets in space, nuclear and defence segments,” he added.

MTAR is a major supplier of sophisticated equipment to nuclear power stations in the country. The company has supplied Vikas and cryogenic engines to space launch vehicles (PSLV/GSLV), satellite components and modules to the Indian Space Research Organisation (Isro).

MTAR delivered a 7m diameter stainless steel grid plate, a critical component in a nuclear reactor, to Atomic Energy Commission chairman Anil Kakodkar. This will be installed in the prototype fast breeder reactor (PFBR) at Kalpakkam in Tamil Nadu. The order from the Nuclear Power Corporation of India Limited is valued at Rs 30 crore.

The Blackstone Group had invested $65 million (Rs 255 crore) in MTAR for a 26 per cent stake a year ago. MTAR expects to register a turnover of Rs 200 crore this year and Rs 500 crore in three years.