Contract manufacturer Aequs has announced plans to expand its aerospace and consumer electronics manufacturing operations and establish a Maintenance, Repair, and Overhaul (MRO) facility in partnership with Canada-based Magellan Aerospace Corporation. The MRO, slated for completion in 2025, will initially focus on turboprop engine maintenance.
According to Aravind Melligeri, Chairman and CEO of Aequs, the company aims to increase its workforce by approximately 1,000 employees by March 2026. This growth will include the addition of 300 to 400 positions within its aerospace vertical in the current fiscal year. The company currently employs about 4,000 people.
Aequs reported total revenues of approximately USD 120 million in the 2023–24 fiscal year, with the aerospace segment contributing USD 100 million. The company has set a target to grow its aerospace revenue to USD 500 million over the next five years.
The Belagavi-based firm operates a Special Economic Zone (SEZ) in Karnataka, focused on precision manufacturing for the aerospace and consumer goods sectors. The SEZ supports various processes, including forging, machining, surface treatment, and aerospace assembly. According to Melligeri, 60-70% of the value addition to Aequs’ products occurs within the SEZ.
The company's customer portfolio includes major aerospace manufacturers such as Airbus, Boeing, Collins Aerospace, and Safran. It also has facilities in France and the United States.
Aequs is diversifying its operations by expanding into the precision consumer electronics market, with plans to focus on exports. In addition, the company is in discussions with manufacturers of smart rings, a growing segment in the consumer electronics industry.
Aequs is involved in several joint ventures, including Aerospace Processing India Pvt Ltd (API) with Magellan Aerospace, which provides chemical processing and surface treatments, and SQuAD Forge, a partnership with France’s Aubert & Duval for producing forgings from aluminum, titanium, steel, and superalloys. The company also operates Aerostructures Assemblies India (AAI), which supplies components such as structural panels and fuselage doors for commercial aircraft, including assemblies for Airbus A321neo planes.
Melligeri stated that while the company currently has sufficient funds to support its expansion, it may consider raising additional capital through a rights issue if necessary.
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