Mahindra & Mahindra Ltd (M&M) has incorporated a step-down subsidiary, Novavayu Aerospace Ltd (NAL), to undertake aircraft manufacturing, aerospace products and related activities for the defence sector, the company said in a regulatory filing. Mahindra Group launches Novavayu Aerospace The company informed stock exchanges that Novavayu Aerospace Ltd was incorporated on July 29 as a wholly owned subsidiary of Mahindra Defence Systems Ltd (MDSL), with the Ministry of Corporate Affairs issuing the