The Mahindra Group has set up a new subsidiary called Novavayu Aerospace (NAL). This company will focus on producing aircraft, aerospace components, and associated equipment, with a primary goal of serving the defence industry. NAL is a fully owned subsidiary of Mahindra Defence Systems (MSDL) and will operate from its headquarters in Mumbai. It has been established with an authorised share capital of ₹1 crore, which consists of 10 lakh equity shares valued at ₹10 each.

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