SHANGHAI: A company to build large passenger aircraft was unveiled yesterday, a key step forward in the country's ambitious project to produce homemade jumbo jets.

Commercial Aircraft Corporation of China Ltd (CACC) will be responsible for researching, developing, manufacturing and marketing the aircraft.

The new firm has a registered capital of 19 billion yuan ($2.7 billion), with the State-owned Assets Supervision and Administration Commission investing 6 billion yuan to become its largest shareholder with 31.58 percent of the shares.