The company recently purchased a 75 per cent interest in Gippsland Aeronautics of Morwell, and fully acquired Aerostaff Australia, an aerostructures maker in Melbourne.
Mahindra currently manufactures defence equipment and is seeking to move into aircraft and aviation component manufacturing to capitalise on the Indian Government's requirement for offset agreements on big defence acquisitions.
Boeing Australia announced in March that it would shut its Milperra plant in Sydney, axing 350 jobs.
That facility, previously operated by Hawker de Havilland, manufactures parts for Boeing's 777, 747-8 and 737 aircraft, as well as missile fins and other aeronautical components.
Reports suggest that Mahindra is interested in Boeing's Fishermen's Bend plant in Victoria, and will move the equipment to a facility to be built in India, kick-starting a new aerostructures business there, says an industry executive familiar with the transaction.
But it is unclear whether Mahindra has agreed to buy all or only part of the Fishermen's Bend operation, formerly Hawker de Havilland and, before that, two defence-oriented plants dating back to World War II called the Government Aircraft Factories and Commonwealth Aircraft Corporation.