Hyderabad: The Board of Approvals, under the Union Ministry of Commerce, has given its conditional nod to a GMR Group proposal to buy out the 50 per cent stake owned by its partner Malaysian Aerospace Engineering in an aircraft maintenance repair and overhaul (MRO) unit.
The MRO unit is located at an Special Economic Zone (SEZ) near the Hyderabad International Airport.
"After deliberations, the Board has decided to approve the proposal subject to each entity independently fulfilling the following conditions," the Board of Approvals said as per the minutes of its recent meeting.
As part of conditions to be fulfilled, GMR Group would have to ensure seamless continuity of SEZ activities, with unaltered responsibilities and obligations for the altered co-developer entity.
Earlier, GMR had informed the Board of Approvals that the decision to acquire the stake was taken after its Malaysian partner expressed inability to infuse more funds into the loss making MRO facility.
05/08/14 PTI/Business Standard
To Read the News in full at Source, Click the Headline
The MRO unit is located at an Special Economic Zone (SEZ) near the Hyderabad International Airport.
"After deliberations, the Board has decided to approve the proposal subject to each entity independently fulfilling the following conditions," the Board of Approvals said as per the minutes of its recent meeting.
As part of conditions to be fulfilled, GMR Group would have to ensure seamless continuity of SEZ activities, with unaltered responsibilities and obligations for the altered co-developer entity.
Earlier, GMR had informed the Board of Approvals that the decision to acquire the stake was taken after its Malaysian partner expressed inability to infuse more funds into the loss making MRO facility.
05/08/14 PTI/Business Standard
