<p>In a letter to Civil Aviation Minister Vayalar Ravi, he sought permission to step down from the board of National Aviation Company of India Ltd (NACIL). "The recently concluded Aero-India 2011 at Bangalore has thrown up business opportunities for my company Mahindra & Mahindra Ltd, which was a potential conflict of interest and thereby throw up questions of good board practice. Hence my request," the letter said.<br /><br />In March 2010, Mahindra along with Air Chief Marshal Fali H Major (Retd), FICCI Secretary General Amit Mitra, Ambuja Realty Group Chairman Harsh Neotia were inducted as independent directors to the NACIL board.<br /><br />Mahindra said his firm had fruitful discussions with international aerospace corporations, encouraging the group to aspire to become a leading component player. "We are developing the capability to supply components to the major suppliers from where Air India sources its aircraft.<br /><br />"In view of this development and the favourable business prospects, which recently emerged for M&M's aeronautical business in Bangalore, I feel that my continuing as a director of NACIL would not be in accordance with the highest standards of corporate governance," Mahindra wrote.<br /><br />In 2009, M&M had forayed into the aerospace business by acquiring 75.1 per cent stake each in two Australian aerospace firms -- Aerostaff Australia and Gippsland Aeronautics -- for Rs 175 crore and planned to make aircraft and allied components to service the global market.</p>
<p>In a letter to Civil Aviation Minister Vayalar Ravi, he sought permission to step down from the board of National Aviation Company of India Ltd (NACIL). "The recently concluded Aero-India 2011 at Bangalore has thrown up business opportunities for my company Mahindra & Mahindra Ltd, which was a potential conflict of interest and thereby throw up questions of good board practice. Hence my request," the letter said.<br /><br />In March 2010, Mahindra along with Air Chief Marshal Fali H Major (Retd), FICCI Secretary General Amit Mitra, Ambuja Realty Group Chairman Harsh Neotia were inducted as independent directors to the NACIL board.<br /><br />Mahindra said his firm had fruitful discussions with international aerospace corporations, encouraging the group to aspire to become a leading component player. "We are developing the capability to supply components to the major suppliers from where Air India sources its aircraft.<br /><br />"In view of this development and the favourable business prospects, which recently emerged for M&M's aeronautical business in Bangalore, I feel that my continuing as a director of NACIL would not be in accordance with the highest standards of corporate governance," Mahindra wrote.<br /><br />In 2009, M&M had forayed into the aerospace business by acquiring 75.1 per cent stake each in two Australian aerospace firms -- Aerostaff Australia and Gippsland Aeronautics -- for Rs 175 crore and planned to make aircraft and allied components to service the global market.</p>