Taneja Aerospace & Aviation Ltd Share Price

History of Taneja Aerospace & Aviation Ltd

Taneja Aerospace & Aviation Limited is a Pune based company specializing in Aerospace and Aviation Services. The Company provides a range of services including aircraft maintenance, repair and overhaul (MRO), as well as manufacturing of aerospace parts. TAAL is known for its expertise in the military and commercial aviation sector. The Company operate into 3 distinct business divisions, -Aircraft & Aerospace Manufacturing and Aviation Infrastructure - Airfield & MRO. TAAL was the first private sector company in India to manufacture general aviation i.e. non military aircraft. In the General Aviation Aircraft category, the company manufactures the P68C, a six seat twin piston engine aircraft; the Hansa, a two seat single engine trainer aircraft and the Thorpe, a two seat single engine a ...ircraft. They are also the authorized sales representative of the Cessna Aircraft Company, USA for their Citation range of Business Jets and for the Cessna Caravan aircraft. Apart from manufacturing and operating aircraft, the company also manufactures aircraft parts and assemblies (aero structures), in particular for Government organisations like Hindustan Aeronautical Ltd and National Aerospace Laboratory in new aircraft development programmes. The company along with the Indian Space Research Organization, Aeronautical Development Establishment and the Indian Air Force, assisted in improving the country's space and aeronautical capabilities. Taneja Aerospace & Aviation Limited was incorporated on July 22, 1988 with the object of designing, developing, manufacturing, and dealing in aeroplanes and all machines, instruments and accessories capable of being used for or in connection with aerial transit, conveyance or communication. The company was promoted by B R Taneja, his associates and The Indian Seamless Metal Tubes Ltd. They received the licence to manufacture gliders in the year 1990. In April 1994, the company came out with a public issue of 50 lakh equity shares at par aggregating Rs 5 crore, to part-finance the Rs 20.5 crore projects to manufacture light transport aircraft at Denkanikotta, Tamilnadu. The company started operations in June 1994 with the manufacture of the P68C, a six seat twin-piston engine aircraft. The company entered into two agreements with Partenavia Construzioni Aeronutliche SRL Italy for manufacture and sale of P-68 and Viator aircraft in India. They also entered into another agreement with National Aeronautical Laboratory Bangalore as a risk sharing partner for joint development and commercial production of NAL's indigenous composite material two seater light trainer air craft. During the year 1994-95, the company was appointed as the sales and service representative of the Commander Aircraft Company in India. In May 1995, the company flying academy commenced its operations. During the year 1995-96, as a part of their diversification programme, the company undertook and set up the repair and maintenance facilities for Cessna aircraft. During the year 1997-98, the company, as an authorized sales representative sold a Cessna Caravan Aircraft to the Tata Iron and Steel Company Ltd. During the year 1999-2000, the company entered in to a MoU with National Aerospace Laboratories for manufacturing the first batch of 5 aircraft mainly for flight training. During the year 2005-06, the company upgraded the manufacturing facilities which include Sheet Metal Shop, Machine Shop, Surface Treatment Shops and Assembly Shops. They extended the runway from 1.1 km to 2.3 km. Also, the company constructed a Hangar, which can accommodate an aircraft of Boeing 737/ Airbus A320 category. During the year 2006-07, the company completed the extension of runway, new air traffic controls and maintenance hangar meeting the requirements of Airbus A320 and Boeing 737 facilities. They also commissioned the plant manufacturing facilities to meet the global requirements. In February 2007, the company signed a MoU with Bharat Earth Movers Ltd to explore the aeronautical offset opportunities in the defence and civilian sectors and also the development opportunities in the domestic market. Also, they signed a contract with Cessna Aircraft Company for two aircrafts, namely Citation XLS and CJ2. During the year 2007-08, the company commissioned certain unique equipments to address the growing Domestic and Global Aviation requirements. Also, they acquired an Aircraft on Lease Agreement from a US based Lease Finance Company covering a period of 120 months. In November 21, 2007, the company formed a wholly owned subsidiary, namely First Airways Inc in Delaware, USA to establish, maintain, provide and operate air services and chartered services in USA. In January 2008, the company entered into a MRO facility agreement with Air Works Commercial MRO Services Pvt Ltd wherein the company would be licensing 7 acres of land and upto 5 hanger space on a long term basis which is a step towards the company's strategy to develop its private air field as a MRO and Aviation park. Also, the company decided to transfer the airfield located at Hosur, Hangars, associated buildings and equipments, related licenses etc (Airport Business) of the company to a wholly owned subsidiary by way of slump sale. In February 2008, the company acquired 10,000 equity shares in MM Infoproc Services Ltd. In March 2008, they acquired 10,000 equity shares in TAAL Infrastructure Pvt Ltd. As a result, MM Infoproc Services Ltd and TAAL Infrastructure Pvt Ltd became the wholly owned subsidiaries of the company. In July 2009, TAAL Technologies Pvt Ltd became a wholly owned subsidiary of the company. TAAL Technologies Private Limited a wholly owned subsidiary of the Company was merged with the Company through the Scheme of Arrangement by High Court, Madras effective from April 01, 2008. TAAL Tech India Private Limited was incorporated as a Wholly Owned Subsidiary of the Company during 2012-13. TAAL Aerosystems Private Limited, ceased to be a subsidiary of the Company during year 2013-14. To facilitate independent growth and diversification of its Business, the Engineering Design Services Segment of the Company was transferred to a Wholly Owned Subsidiary Company, TAAL Tech India Private Limited w.e.f. August 1, 2013. Consequent upon transfer of Engineering Design Business, with effect from August 1, 2013, the Company's businesses were focused on the activities consisting of Aircraft Manufacturing and Maintenance (AMM), Airfield Services and Air Charter Services during FY 2013-14. During 2014-15, Katra Auto Engineering Private Limited became wholly-owned subsidiary of the Company and TAAL Enterprises Limited was incorporated as whollyowned subsidiary of the Company. TAAL Aerosystems Private Limited ceased to be an Associate Company effective April 07, 2015. Through the Scheme of Arrangement between the Company and TAAL Enterprises Ltd (TEL) as sanctioned by the Hon'ble Madras High Court vide its Order dated June 22, 2015 the Company demerged its Charter business and investments in First Airways Inc. USA and TAAL Tech India Pvt Ltd. effective from August 21, 2015. During 2015-16, Enterprises Limited, TAAL Tech India Pvt Ltd. and First Airways Inc. USA, ceased to be subsidiaries of the Company. TAAL's focus on MRO facilities, helicopter testing and assembly, is essential for advancing aviation capabilities. By integrating advanced infrastructure, technology and support services, TAAL can effectively support the growing demands of the aviation sector globally, while prioritising safety and efficiency.