Hyderabad, Aug 2 (IANS): Hyderabad-based aerospace firm Raghu Vamsi on Monday announced that it has won a contract with Boeing to manufacture and supply precision components.

The company also announced setting up a facility dedicated to Boeing's requirements in Adibatla, Hyderabad with an initial investment of $15 million. The unit will employ more than 300 people over the next three years.

This manufacturing work will lead to the availability of a pool of skilled workforce in support of the growing aerospace and defence industry in Telangana.

"This is a significant milestone not just for Raghu Vamsi, but for the state of Telangana. The contract is a testimony to our precision manufacturing, consistent delivery, and first-time quality," said Vamsi Vikas Ganesula, Managing Director, Raghu Vamsi.

"This is an important step in our commitment to the Government of India's Aatmanirbhar Bharat vision. As a company with over seven decades of presence in India, Boeing is focused on supporting the development of aerospace and defence capabilities in India," said Ashwani Bhargava, Director, Supply Chain Management, Boeing India.

For over a decade, Raghu Vamsi has been dedicated to manufacturing and supplying high-end and high-quality precision parts to the A&D industry in India and abroad. The company has several strategic partnerships with world-class companies for its technological advances and business growth.

The Hyderabad-based company has been a significant contributor to the developing A&D ecosystem in Telangana and is poised to grow as India becomes a major global aerospace market.

Raghu Vamsi manufactures highly critical parts and sub-assemblies for commercial airplanes, defence and space systems for international and domestic OEMs.

As one of the top Indian exporter in Aerospace & Defence (A&D), the company has four manufacturing units across Hyderabad and joint ventures with international companies focusing on multiple technologies of CNC Manufacturing, Sheet Metal Fabrication, Composites, Fasteners, Gears and Engineering Services. It has been supplying to international and domestic A&D majors like GE Aviation, Honeywell, Rolls Royce, Collins Aerospace, Eaton, Halliburton, DRDO, BDL, HAL and ISRO for the last 15 years.