Mahindra & Mahindra Ltd. announced the incorporation of a step-down subsidiary, Novavayu Aerospace Limited ("NAL"), on July 29, 2026, with its registered office in Mumbai, Maharashtra. NAL, incorporated with an authorized capital of Rs 1 crore, is a wholly owned subsidiary of Mahindra Defence Systems Limited ("MDSL"), which is itself a wholly owned subsidiary of Mahindra Advanced Technologies Limited ("MATL"), making it a step-down subsidiary of Mahindra & Mahindra Ltd. The new entity will focus on the manufacture of aircrafts, aerospace products, and related services.