ThyssenKrupp Aerospace, a company that works under the aegis of German conglomerate ThyssenKrupp, will be making India a critical hub for its business services related to aerospace materials. Though the company has established a presence in the Indian market for about 160 years, it is now going bullish on the aerospace materials and logistics market in the country. The company is optimistic about lucrative opportunities pouring in from both commerce and defense aviation sectors in India.
Speaking to Indian media, president of ThyssenKrupp Aerospace, Jurgen Funke, said that in India, defense and commercial aviation are poised to boom in the years ahead. While demand in this segment was earlier dominated to a great degree by developed markets, the scenario is changing with many other countries witnessing an amplified demand for commercial aerospace materials, services and logistics.
Globally, the collective manufacturers’ build rate for commercial aircrafts stands at 1,000 units. Funke said that the future of this sector remains bright, and in India like in many other booming markets, it would be critical to create more value at the production stage.
In India, the company aims to focus mainly on the production of parts and components as well as the first-stage processing of materials used in aerospace.
ThyssenKrupp Aerospace has also recently launched its first production facility in Bangalore in a bid to cater to the rising demand from the domestic aerospace industry. The sprawling 3,300 square meter facility will have 30 technicians working on stock materials such as titanium, aluminum, and steel in various forms, informed the MD of ThyssenKrupp Aerospace India, Gopi Hanumanthappa.
From the global standpoint, this marks the company’s 41st materials facility but is its first such facility in India.