State-owned Aviation Industry Corporation of China (AVIC) has finalised its intention to merge three of its listed subsidiaries to form a conglomerate in order to make indigenous aircraft engines.
The three firms involved are Sichuan Chengfa Aero Science & Technology, Avic Aviation Engine and Avic Aero-Engine Controls.
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According to the industry experts, China aims to build an aerospace and aviation company to compete with its western and other counterparts via the CNY129bn ($19.71bn) merger, reported Reuters.
The country aims to strengthen its position in the plane design and manufacturing sector.
According to Xinhua news agency, authorities have already appointed as heads of the new entity, namely the chair, party secretary, general manager and deputy party secretary.
However, the names of the appointees have not been revealed.
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By GlobalDataIn recent years, China has been focusing more on building both civil and military aircraft and built a JF-17 Thunder fighter jet in partnership with Pakistan, reported PTI.
