M&M to foray into aviation component biz

M&M announced that it plans to consolidate its auto parts businesses into a single company over the next two years to cut costs, Hemant Luthra, head of the division, said. Mahindra may own as much as 60% of the consolidated unit, he said. The company also plans to enter aviation component business as well and is already in talks with Airbus, Boeing to supply parts. The company further plans to spend US$10mn to produce Aircraft parts.