Mumbai, Jan 23 (Agencies): Mahindra Aerospace, the first Indian private firm to manufacture small civil aircraft for the domestic aviation market, is likely to roll-out its first aircraft by March this year.

"We are hopeful of rolling-out our first indigenous small aircraft by March this year. But we should make sure that the aircraft is properly certified for airworthiness standards," Mahindra and Mahindra's President (Systech Sector), Hemant Luthra, said on the sidelines of an event here.

"We will provide the aircraft at a price at least 20 per cent lesser than a Cessna aircraft," Luthra said.

Mahindra Aerospace is the first Indian private firm to manufacture smaller civil aircraft for the Indian general aviation market.

Mahindra Aerospace is developing a five-seater and eight-seater version of small aircraft for the Indian market at its Bangalore facility, Luthra said.

However, Luthra, didn't reveal the cost of the flight and development.

Mahindra Aerospace acquired a majority stake (75.1 per cent) in GippsAero and Aerostaff Australia for Rs 175-crore (USD 38-million) in December 2009 jointly with Kotak Private Equity.

Aerostaff is a 20-year-old manufacturer of aerospace components and assemblies for global aerospace original equipment manufacturers (OEMs) at Port Melbourne in Victoria State.

The 26-year-old GippsAero is a leading turboprop aircraft manufacturer for the general aviation sector and has certification in 32 countries world-wide, including the US Federal Aviation Regulations (FAR 23), which testifies the highest degree of safety to fly fare-paying passengers between small and remote airfields.