China Aviation Industry Corp, recently formed by a merger of the country's two main state-owned aircraft makers, is targeting revenues of one trln yuan by 2017, an official from the company said.

The new entity, which formally started operations on Nov 8, has 10 major business segments, covering general-purpose aircraft, helicopters, transport aircraft and engines.

Zhao Hongwei, general manager of AVIC's international leasing unit, announced the target at a forum in Beijing. He also said the newly formed aviation giant would look to cooperate with companies from home and abroad, but he did not elaborate.

AVIC has already announced new projects since June, when the merger of China Aviation Industry Corp I (AVIC I) and China Aviation Industry Corp II (AVIC II) began.

Most recently, the official China Daily reported last week that AVIC will set up a six bln yuan joint venture with the Shanghai municipal government to develop engines for Chinese-developed large commercial aircraft.

AVIC has scores of subsidiaries involved in its various business lines, and 21 of them are listed. Zhao confirmed to XFN-Asia that AVIC is likely to combine its general aviation business in a listing in about three years.

Last year, AVIC I reported revenues of over 100 bln yuan, while AVIC II's were around 10 bln yuan.

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