Mumbai: Tata Advanced Materials, maker of composite components for defence, aerospace and industrial applications, is aiming to become one of the top 10 global players and record $1 billion revenue over the next 10 years from a meagre $20 million now.
“I see Tata Advanced Materials as a significant global player in composite solutions in defence and aerospace and in the global top 10 in the businesses we operate in,” company’s chief operating officer Hemant Achaya was quoted as saying in the April issue of Tata Review, an in-house magazine.
“This would mean attaining revenues of a billion dollar, from the current level of just $20 million,” he said.
Exports is a major thrust area for the company, mainly in the aerospace sector and it expects exports to contribute 60-70% of revenues in the next five years.
Tata Advanced Materials operates through two divisions - aerospace, defence and industrial composites.
The company forayed into aerospace composites with a long-term contract with ISRO for making critical satellite parts in 2003. Tata Advanced Materials is now considered as a strategic partner by ISRO and the company is looking forward to more business from it.
”We got our first order from HAL in 2005 for supplying around 165 components for the Advanced Light Helicopter. HAL has given us more orders and this year, we will be supplying more than 500 of 800 parts per helicopter that HAL needs,“ Achaya said.
Several US and European companies have also started working with the company, he said, adding that Tata Advanced Materials has contracts with Boeing for the 787 dreamliner programme, with Pratt & Whitney for critical jet engine components and with Goodrich for interior parts for Airbus.
“Many more such tie-ups are in the offing,” he said.
In the defence segment, Tata Advanced Materials is the largest manufacturer of bullet-proof vests for the Indian army and has exported vests and helmets to Sri Lanka, Algeria and Nepal. It also manufactures light-weight composite parts for the battle tank, Arjun, and transportation containers for the Prithvi and Akash missile systems.
Tata Advanced Materials has stepped up its new product introduction activity substantially, he said, adding that the company was hopeful that the armoured vehicle business would contribute significantly to its total turnover.
The company has a tie-up with a Finnish firm CPE Oy to manufacture bullet-proof vests.
“We are also tying up with world leaders in composites to leapfrog the technology gap and provide world-class solutions quickly,” Achaya said.