Mitsubishi Heavy Industries has launched a new passenger jet in Japan.

Mitsubishi Heavy Industries (MHI), the first company in Japan to manufacture and market jetliners, has launched the Mitsubishi Regional Jet (MRJ).

MHI has created the tentatively-named Mitsubishi Aircraft Corporation to conduct MRJ’s business, and the Corporation has been capitalised at ¥3 billion with calls to increase up to ¥100 billion (around £500 million) in line with business operations development.

With between 70 and 90 passenger seats, the jet will be the first regional plane to use a significant amount of composite material for its wings and vertical fins. The aircraft will also have reduced fuel consumption and lower operating costs for airline companies.

MHI has already received an order from All Nippon Airways – Japan’s second-largest international airline – for 25 of the aircraft, the first of which will enter service in 2013. The company, which currently employs approximately 200 people, plans to further develop the jet in an effort to penetrate the global air market.

MHI employs more than 32,000 people worldwide and its core activities include building ships, manufacturing power systems equipment, and the design and structure of nuclear power plants. It is also the leading company within Japan’s aerospace industry.