Indian industrial giant Tata is buying a third of Piaggio Aero Industries and becomes a primary shareholder along with the Ferrari and Di Mase families and Mubadala Development Company.
Piaggio Aero expects the increased share capital to enable it to grow the market, expand production rates and offer the P180 Avanti II to new markets. Tata’s involvement also strengthens growth plans by establishing a strong market presence in India, which is expected to develop 500 airports by 2020.
“The future for Piaggio Aero is bright and with the support of world-class investors and strategic partners like Mubadala Development Company and Tata Limited, I’m confident we can realize our full potential” says Piero Ferrari, chairman of Piaggio Aero.
In addition, Piaggio has entered several new partnerships, announced at NBAA. In the US, Landmark Aviation in Arizona, and Elliott Aviation of Illinois have been selected as Authorized Service Centers for the Avanti II. In the UK and Ireland, Harrods Aviation has been designated a Piaggio Aero Exclusive Dealer.