PTC Industries signed MoU to explore opportunities for strategic business cooperation, to leverage the complementary talents, technologies and capabilities of both Parties, to support the development of a robust domestic defence, civil aerospace ecosystem and supply chain in India, consistent with the goals of the Government of India's ‘Make in India' initiative.

As part of the MoU two organisations will manufactured and supply titanium and super alloy castings and components through its wholly owned subsidiary, Aerolloy Technologies for LEAP engines, civil aircraft engine applications and M88 engines for military aircraft engine applications. They will also 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. Further, both the organisations will mull any other business opportunities that may be mutually agreed upon, potentially in the field of military and/or civil aircraft engines.

The company said that 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.

PTC and SAE 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.

Speaking on the partnership, Sachin Agarwal, chairman, and managing director, PTC Industries said: “This collaboration with Safran AE represents an opportunity for advancement of the nation's core manufacturing capabilities and technologies along with PTC's growing role in indigenous production of critical aerospace components for applications in both military and civil aviation. Given the predicted global increase in requirement for aircraft engines, both for civil and military applications, there would be a proportional increase in demand for Titanium and Super Alloy cast components and the existing supply chain would be inadequate to be able to service this growth.

Further, the demand for military aircraft and helicopter engines in India would also have the same requirement and PTC Industries is the only company in the country having the requisite technology, know-how, and infrastructure to service the requirements for critical cast components for these applications.”

PTC Industries Limited is a manufacturer of high-quality engineering components for various critical and super-critical applications. It manufactures products for a wide spectrum of industrial applications including that for Oil and Gas and Liquified Natural Gas (LNG), Offshore and Marine, Valves and Flow Control, Power Plants and turbines, Pulp and Paper Machinery, and Mining and other Engineering and Capital Goods Industries.

The company's consolidated net profit surged 324.4% to Rs 7.64 crore on 41.1% rise in net sales to Rs 54.04 crore in Q2 FY23 over Q2 FY22.