Mahindra & Mahindra, India's largest utility vehicles and tractor maker, has branced out into aerospace 'down under'.

It said on Tuesday it had acquired majority stakes in two Australian aerospace companies for INR1.75bn (US$37.5m), Reuters reported.

The firms are Aerostaff Australia, an aircraft component maker, and aircraft maker Gippsland Aeronautics, the company said in a statement.

The acquisitions were made jointly with Kotak Private Equity, it added.