Company History: YEAR EVENTS1988 - The company was incorporated on 22nd July for manufacture of aircraft for civilian use. It was promoted by B. R. Taneja his associates and The Indian Seamless Metal Tubes Ltd. - The company undertook to set up a project for manufacture of P-68 aircrafts with three variant viz. P-68C (twin piston engine non pressurised) P-68 C-TC (twin piston engine turbo Charged) and P-68 Observer (same as P-68 C-TC with forward and downward view equal to that of a helicopter). It has an empty weight of 1320 Kgs and payload of 764 Kgs with a capacity to attain a maximum speed of 322 Kmph 1550 ft./min rate of climb landing run of 215 mtrs and an optimum cruising range of 2170 Kms at 12000 ft.
- Land admeasuring 4438 sq. mtrs. was acquired at Denkanikotta Taluka Dharmapuri dist. of Tamil Nadu. Main items of plant and machinery such as jigs and testing facilities were to be imported from Partenavia SRL Via G. Pascoli Casoria (Napoli) Italy and control tooling from Allied Signals Pennsylvania USA. The company would get part of aircraft to be assembled in India.
- The company entered into two agreements with Partenavia Construzioni Aeronutliche S.R.L. Italy for manufacture and sale in India P-68 and Viator aircraft. The agreement is valid for a period of 10 years.
- 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.
1995 - The dependence on supplies from the collaborator the company has taken necessary premission to indigenise the components.
- In addition to having been appointed as Authorised representative of Cessna's business jet line of aircraft the company also expected to be appointed a the ASR for Cessnas Caravan Aircraft.
- During the year as a part of its diversification programme the company undertook to set up repairs and maintenance facilities for Cessna aircraft and was also exploring the posibility of expanding the flying academy facilities with the objective of making it an academy of international repute.
- 2 05 600 No. of equity shares of Rs. 10 each issued subscribed and paid up. 112 94 400 No. of equity shares of Rs. 10 each then issued at par of which 62 94 500 shares were reserved for allotment on a firm basis to promoter company promoters directors etc. Of the balance the following were reserved for allotment on a preferential basis to the following:
- (i) 1 50 000 shares to Indian working directors/workers of the company and promoting company (only 1 23 400 shares taken up).
- (ii) 5 00 000 to shareholders of promoter company.
- Balance 43 50 000 shares along with 26 600 shares not taken up by employees were issued to the public (all were taken up).
2000 - The Company is setting up a software division to address the software needs of the sector leveraging its its domain knowlege with its Bangalore location.
