Sixty-year-old Air Works Engineering is a leading provider of aircraft services with its presence in 20 cities. The company is certified to maintain 50 different types of aircraft—ranging from small, single-engine machines to turboprops and the B737s and A320s that are the mainstays of domestic airlines. Air Works moved into the fast lane in 2007 when the founding family, the Menons, realised it needed capital and professional management. GTI Capital, a New York-based venture capital and private equity firm, and construction and engineering firm Punj Lloyd came in first, investing $10 million each. Other investors like Silicon Valley-based venture firm NEA and Elephant Capital followed. The Menon family stake is now down to about 9 percent.
The new management was led first by Suresh Soni, the man who recognised Air Works for the hidden gem it was. Soni began investing in equipment to build capability and diversifying the business overseas. He began with a majority stake in the UK-based aircraft paint and refinishing company, Air Livery. Air Works also built its own paint facilities at Hosur in Karnataka. Painting now accounts for 30 percent of the business.
06/11/12 Cuckoo Paul/Forbes India
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The new management was led first by Suresh Soni, the man who recognised Air Works for the hidden gem it was. Soni began investing in equipment to build capability and diversifying the business overseas. He began with a majority stake in the UK-based aircraft paint and refinishing company, Air Livery. Air Works also built its own paint facilities at Hosur in Karnataka. Painting now accounts for 30 percent of the business.
06/11/12 Cuckoo Paul/Forbes India
