GKN Aerospace delivers first product from state of the art wiring facility in India

      ·         $10 million investment and 800 jobs for highly skilled operators and engineers

·         A diverse workforce, including a significant proportion of female employees

·         Wholly owned electrical wiring interconnection systems business in Pune, India

 

A year after opening its new factory all-new facility for Electrical Wiring Interconnection Systems (EWIS) in Pune, India. GKN Aerospace shipped its first product to the customer.

 

Maarten Durville, Managing Director: “As a supplier in the aeroplane industry, we were severely impacted by the pandemic and the lockdown. Just when we had trained our team to Aerospace level, we had to shut down. I am very proud that we can leave this chapter behind us and ship the first product. We can look forward again: the lockdown was just a delay in our growth plan, we have added 50 employees in the last months and are on track to grow to 300 next year.”

 

The first product is a wire harness for Collins Aerospace and will be employed in the Air management system of the Boeing 787 Dreamliner. GKN Aerospace will grow the $10 million site, with a surface of 11,000m2, to 800 persons within five years. GKN Aerospace will recruit a significant number of female operators and engineers and will provide on-site training for employees. A team of 30 persons has been built to date. GKN Aerospace has invested $10 million in the site and in its state of the art equipment and technologies. The expansion to Asia is an important part of GKN Aerospace’s long-term growth strategy and global operating model.

 

About GKN Aerospace:- GKN Aerospace is the world’s leading multi-technology tier 1 aerospace supplier. As a global company serving the world’s leading aircraft manufacturers, GKN Aerospace develops, builds and supplies an extensive range of advanced aerospace systems, components and technologies– for use in aircraft ranging from helicopters and business jets to the most used single-aisle aircraft and the largest passenger planes in the world.

 Lightweight composites, additive manufacturing, innovative engine systems and smart transparencies help to reduce emissions and weight on the aircraft and enhance passenger comfort. GKN Aerospace is market leading in aerostructures, engine systems, transparencies and wiring systems and operates in 15 countries at 50 manufacturing locations employing approximately 18,000 people.

Sebi pulls up Kirloskar Industries Promoters for fraud

 The markets regulator has charged promotors of Kirloskar Industries, Atul & Rahul Kirloskar with fraud in a decade-old case of the promoter group selling a 13.5% stake in the then-ailing company KBL to Kirloskar Industries Ltd, harming the interests of minority investors.

In a show-cause notice to the six promoters of KBL and two others, Sebi alleged that the promoter group was aware of the precarious financial condition of KBL when these shares were sold, committing fraud on minority shareholders of Kirloskar Industries. The notice was sent in December 2019.

As reported in media, Sebi’s assessment is that the ill-gotten gains in the transaction could be in excess of ₹350 crore, which includes the value of the sale transaction and profit.

The promoter group on October 6, 2010 sold 10.72 million shares of KBL worth ₹275 crores in the company to Kirloskar Industries. Sebi has charged the individual promoters of KBL and two others under the Prevention of Fraud and Unfair Trade Practices. The regulator alleged that Gautam Kulkarni, Rahul Kirloskar, Atul Kirloskar, Alpana Kirloskar, Jyotsna Kulkarni and Arti Kirloskar were the direct beneficiaries of the sale.

Sebi observed in the notice that four out of the five directors of Kirloskar Industries were aware of the deteriorating financial position of KBL and thus were duty-bound to check if the decision to buy those shares were in the interest of the company and its stakeholders.

Further, these directors, by inducing Kirloskar Industries to buy shares of KBL, allowed the six individual promoters to dump their shares.

According to the notice, Sebi during the course of the investigation had sought information from Kirloskar Industries whether it was aware of KBL’S financial position in 2009 and 2010 before it arrived at a decision to buy its shares. Kirloskar Industries replied that it had only considered the growth and profitability of KBL.

A spokesperson for Kirloskar Industries said: “We reject any suggestion of wrongdoing and refute these allegations. The sale of shares (in 2010) was completed in line with the applicable laws, appropriate stock exchange disclosures and necessary regulatory pre-clearances. We continue to cooperate fully with Sebi in relation to its ongoing enquiries and remain confident of our position.”