Leading
aviation service provider Air Works India Engineering, on Monday, announced
that it had made a strategic investment in Dubai-based Empire Aviation group
(EAG), a move aimed at expanding its footprint in the Middle East and provide
world-class aircraft management services in India. The strategic investment has
been funded through a mix of internal accruals and structured debt finance of
Rs.120 crore from KKR & Co, a leading global investment firm.
“Air Works has
made a strategic investment to provide support to form Empire Aviation India, a
firm that would not only take care of proper and optimum utilisation of
business jets owned by an individual or a company but also provide AMS to the
corporates. We are going to launch this product in August, and we would be the
first company to bring such a product to India,” Vivek Gour, Managing Director,
Air Works, told a news conference here.
The company
would operate with generally under-utilised business jets belonging to
individuals and companies. The company would focus on business jets only and
set up a command office in Bangalore and liaison offices in Delhi and Mumbai.
Later, it would expand to other metros. “We would be providing end-to-end
service to the customer with all the necessary backroom preparation done by
us,” Steve Hartley, co-founder and Executive Director of EAG, said.
Air Works could
be looking at raising $35-$50 million capital. There was no talk to divest at
the moment, a company official, however, said. While GTI has a stake of about
25 per cent, Punj Lloyd holds around 19 per cent stake in Air Works. The funds
will be raised primarily to create an engine-maintenance, repair and overhaul
facility.
http://www.thehindu.com/todays-paper/tp-business/article3544559.ece
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