Thursday, January 14, 2016

Air Works plans Rs 700-cr public offer

Mumbai: Air Works, India's oldest private sector aircraft maintenance repair and overhaul firm (MRO), is preparing for an initial public offering (IPO) to raise about Rs 700 crore through issue of fresh shares and part stake sale by promoters and existing investors. A source said the company plans to use the proceeds for  expansion. The IPO is expected in 12-15 months, the source added.

Air Works did not respond to an email query seeking its comments.

Founded in 1951 by brothers  B G Menon and P S Menon, Air Works is the largest MRO in India servicing charter and private jets. Over the past few years it has expanded business to other areas such as aircraft painting and asset management with acquisitions of companies in Europe and the Gulf region and its overseas business now contributes about two-thirds of revenue. Last year, it acquired Irish firm Acumen Aviation, which focuses on data management solutions for aircraft owners and lessors.
14/01/16 Aneesh Phadnis/Business Standard

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