29 April,2009 08:07 AM IST | | PTI
Notwithstanding the economic recession, the Munjals-promoted Hero Group is going ahead with Rs 500-crore plan to foray into the aviation space and is currently working towards manufacturing Light Sports Aircraft.
"It is still on the way. It has not been put on hold," Hero Motors Managing Director Pankaj Munjal told reporters when asked if the company has deferred the plans to enter the aviation sector.
Last year, Hero had announced an investment of Rs 500 crore to manufacture Light Sports Aircraft (LSA) and aerospace applications, besides setting up aviation training institutes and colleges. Munjal said he would come up with other details of the foray "very soon", like the technical partner for making the LSA.
It had said it would join hands with a European firm for the technology. Munjal, however, declined to give further details about the LSA project. The company had also planned a 300-acre Special Economic Zone (SEZ) for setting up the aerospace industry.
The SEZ was proposed to have a private airfield of 1.5 km. A Light Sports Aircraft weighs between 600 and 650 kilograms. comment.
