Punj Lloyd, US PE pick Airworks stake for Rs 100 cr

Mumbai: In the first deal of its kind in the country’s general aviation sector, New York-based private investment firm Global Technology Investment and construction firm Punj Lloyd have bought 33% stake each in Airworks India. Airworks is one of the oldest family-owned aircraft maintenance firms in India.
The two investors are putting in close to Rs 100 crore to rejig the Mumbai-based company, that will now broaden its horizon to more areas of aviation infrastructure and services. The Menon family that owns Airworks, will retain the balance 33% stake.
Airworks India is India’s largest provider of maintenance services for business aircraft since 1951 with operations at various airports across the country. The firm has Director General of Civil Aviation (DGCA) approvals for over 40 types of aircraft and helicopters.
Airworks India director Ravi Menon spoke to ET on the firm’s transition from a medium-sized family-owned business to a larger set-up with the ambition of catering to the entire region. He said: “The aim is to take the business forward without losing out on the passion that the founders have for aviation.” We have chosen two partners who will bring international practices and capital without us losing our identity, he added.
The company now plans to get into the big league with a maintenance repair and overhaul (MRO) for airlines. Though many Indian and foreign companies have been talking about starting MROs in the past two years to cater to the huge number of new planes coming into the country, none has got off the ground.
28/11/07 Cuckoo Paul/Economic Times

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Categories: General Aviation Nov 2007, New Nov 2007