Air Works Looking For Acquisitions In Engine Overhauling Space
Air Works India Engineering Pvt. Ltd. is looking at acquiring companies abroad in the MRO space, particularly in the engine overhauling area. The company is looking for acquisitions in Europe and south East Asia.
Established in 1951, Airworks provides MRO services in 10 airports across the country.
Air Works has a facility for Maintenance, Repair and Overhaul (MRO) at Hosur in Karnataka and is constructing a hangar to undertake simultaneous painting of two large planes like Boeing 777 or Airbus 340.
Transaction Reference: Hindu Business Line
The company is backed by Global Technology Investment Group LLC, Seacor Holdings Inc and Punj Lloyd.
Earlier in Feb'10, Air Works India acquired 85% stake for around $20mn in British firm, Air Livery Plc.
Air Livery Plc provides aircraft refinishing services in the United States and Europe. It offers aircraft repainting, interior repair, and refurbishment services.
According to an ET article, Indian commercial aviation MRO alone is expected to reach $1.06 bn by 2015. The maintenance cycle and MRO service requirements in India are expected to grow at a CAGR of 13.5% between 2009 and 2015.
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