“Airvan is incorporated as a wholly owned subsidiary of Gipps Aero Investments which in turn is a subsidiary of Mahindra Aerospace Australia Pty, Australia,” M&M said in a filing to the BSE. The company was incorporated on December 10.”Airvan is incorporated for design approval from Civil Aviation and Safety Authority, Australia for the 10 seater aircraft under development,” the filing said.

Mahindra Aerospace Australia Pty, Australia is subsidiary of M&M group firm Mahindra Aerospace.