PTC Industries Limited and Safran Aircraft Engines announced the signing of a Memorandum of Understanding (MoU) to explore opportunities for strategic business cooperation to leverage the complementary talents, technologies and capabilities of both Parties and support development of a robust domestic Defence and Civil Aerospace ecosystem and supply chain in India, consistent with the goals of the Government of India's `Make in India' initiative. The organizations will identify and develop opportunities for cooperation and partnership on various fronts to meet the anticipated requirements of the military and aerospace sectors. Through this MoU, PTC and SAE shall discuss and assess the business opportunities for a broader scope of collaboration in the design, development, manufacture, maintenance, training, and upgrade of high-thrust aero engines.

As part of the MoU, the two organizations will: Explore manufacturing and supply of Titanium and Super Alloy castings and components by PTC (through its wholly owned subsidiary, Aerolloy Technologies) for the LEAP engines, for civil aircraft engine applications. Explore manufacturing and supply of Titanium and Super Alloy castings and components by PTC (through its wholly owned subsidiary, Aerolloy Technologies) for the M88 engines, for military aircraft engine applications. Any other business opportunities that may be mutually agreed upon, potentially in the field of military and/or civil aircraft engines.

The Aircraft Engine market is expected to grow from $54.7 billion in 2022 to $112.6 billion in 2029 at a CAGR of approximately 11%. India is expected to have demand for over 2,200 civil aircraft in the next two decades. In India, over the next two decades, by some estimates, it is expected that there will be a requirement for 2,700 turbine engines for fighter aircraft, including those for replacement and trainers, and over 5,000 helicopter engines of various classes.

Manufacturing of critical cast components, in Titanium and Super Alloys, used in aircraft engines, is limited to very few companies and countries in the world currently and both organizations shall work together to address this gap. PTC and Safran AE have also agreed on a first potential scope of cooperation which will be focused on the manufacturing and supply of Titanium and Super Alloy castings and components for the LEAP engine program.