Mahindra & Mahindra Ltd. said Tuesday it has acquired a 75.1% stake each in two Australian aerospace companies for INR1.75 billion (US$37.4 million) to expand its aircraft and aerospace-component manufacturing business. The company, through its wholly owned unit Mahindra Aerospace Pvt. Ltd. and jointly with Kotak Private Equity, acquired the stake in aircraft maker Gippsland Aeronautics and parts supplier Aerostaff Australia, it said. “The 24.9% stake remaining with each company (Gippsland and Aerostaff) will be eventually converted into stocks in Mahindra Aerospace,” Arvind Mehra, senior vice president of strategy at Mahindra Systech, told reporters. He didn't say when or under what terms the stake will be converted. […]