Monday, 9 July 2012

Mahindra & Mahindra may bid for Hawker Beechcraft

Mahindra & Mahindra, India’s biggest tractor and utility vehicle maker, may be considering a bid for Hawker Beechcraft; the bankrupt aircraft maker, Bloomberg said on Wednesday.
Hawker Beechcraft, part owned by Goldman Sachs Group, is on the selling block and the agency said that the Indian automobile firm with manufacturing interests in turbo prop aircrafts may be a likely suitor.
Hemant Luthra, who heads Mahindra Systech, declined to comment on the speculation. “We are small players in the business of turbo prop aircraft and we have been watching what’s happening with Hawker Beechcraft , which is in the public domain.
Apart from this we don’t want to comment,” he added. M&M entered the aerospace industry in 2009 by acquiring Aerostaff Australia, a component manufacturer, and Gippsland Aeronautics, a maker of turboprop aircraft.
Hawker, which makes the Beechcraft King Air turboprop and Hawker 4000 business jet, filed a reorganisation plan in the US Bankruptcy Court on June 30 that would give control of the company to secured creditors who hold debt valued at almost $922 million.
According to reports, investment banker Perella Weinberg Partners developed a list of more than 35 bidders, which was further shortlisted to six bidders.

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