Tata Group,  pioneers of  Indian civil aviation industry, is planning to foray into manufacture of aircraft components for exports, reports Economic Times.

For setting up the component manufacturing plant, the group is aquiring land at Special Economic Zone in Nagpur. Incidentaly,  Boeing, a US aircrfaft maker is also setting up a maintenance, repair and overhaul  facility at the Nagpur SEZ.

Tata Motors executive director (Finance) Praveen Kadle said that the company has intentions to enter aerospace sector but nothing has been finalised.

Maharashtra Airport Development Company vice chairman and managing director R C Sinha, whose firm is in charge of putting up the Nagpur SEZ project, said that a Tata company is taking up the land for aircraft component business.

The Tata Group had started Tata Airlines in 1932, which was later taken over by the government that turned it into Air India.

Shares of the comapany closed down Rs 14.90, or 2.23%, at Rs 652.20. The total volume of shares traded at the BSE was 830,093 (Thursday).