The corporation which is now in the process of selecting contractors for various works has undertaken additional measures including getting environmental clearance from the Tamil Nadu Pollution Control Board and acquiring additional land for the estate where necessary, it added.
While 14 aero spare parts manufacturers have been allotted space in the park, seven more have applied for land in the estate. A Rs 350 crore Advanced Computing and Design Engineering Centre for 11 aero parts unit is now taking shape on the campus, while Tidel Park has plans to set up a multi-storeyed production unit on 12 acres which is expected to become operational in June, the release said.
To ensure more business and exposure TIDCO provided 11 aero parts manufacturers a 187 square metre exhibition stall at the Aero India 2017 show in Bengaluru recently.
This had led to many similar units expressing interest in the TIDCO park, the release added. In this they were aided by State Industries Secretary Vikram Kapur, Additional Secretary Shanmugam, Tidel Park Senior General Manager B Ilangovan who participated in the aero show and met with representatives of 17 major aircraft manufacturing companies including Bell helicopters, Rockwell, Lockheed Martin, Sikorsky, Honeywell India, Sukhoi Aviation, Aerospace Walls, HAL, Dassault Systemes and the Welsh government.
- The current global aerospace market is estimated to be worth over $500 bn.
- The chief components of this market are the manufacturing segment and the Maintenance, Repair and Operations (MRO) segment.
- More than 80 per cent of the aerospace manufacturing industry is outsourced today.
- And the Indian aerospace and defence market is the fastest growing market in the world.
- It is estimated to be over $300 bn over the next 15 years.
- The offset opportunity is expected to be beyond $100 bn.