Skull and Bones
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Easier said than done. Neither Tata nor Mahindra has the skill-set or infrastructure necessary to design and develop large civilian aircraft. All they have are relevant experience in design and development of land vehicles(which is a totally different ball-game).
Aircraft design and construction is a highly specialized field, and were it any easy, we'd have already seen many Indian private players in it already.
Private entities flourish by merger and acquisition. If they have a substantial market in the aviation industry, some western acquisitions are definitely in the cards. We can get both necessary knowledge base and required infrastructures.