New Delhi: Air Works, a Gurgaon-based aircraft maintenance and repair service provider that paints a third of all planes produced by Airbus as per specifications of the airlines buying them, is on the block.
Top investors such as Punj Lloyd Aviation and GTI Capital, which together own majority stake in the company, are looking to exit the business in the next twelve months, Air Works managing director Vivek Gour said.
“We have long-term investors and it is our mandate to provide them liquidity,” he told ET. The company expects to be valued at Rs 2,000 crore, Gour said.
“The management will continue to retain its stake in the company post any secondary sale of shares by investors,” he said.
Gour and certain members of the senior management team collectively own a 20 per cent stake in the company. Air Works claims to be the largest independent flight maintenance and repair organisation (MRO) in India.
It provides maintenance services to carriers such as SpiceJet and Vistara at its facility in Hosur, on the outskirts of Bengaluru. GMR is the only other service provider that maintains aircraft for third parties. Air India and Jet Airways have in-house aircraft maintenance arms. Air Works also provides transit checks at 14 airports for multiple foreign carriers.
09/02/17 Mohit Bhalla/Economic Times
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Top investors such as Punj Lloyd Aviation and GTI Capital, which together own majority stake in the company, are looking to exit the business in the next twelve months, Air Works managing director Vivek Gour said.
“We have long-term investors and it is our mandate to provide them liquidity,” he told ET. The company expects to be valued at Rs 2,000 crore, Gour said.
“The management will continue to retain its stake in the company post any secondary sale of shares by investors,” he said.
Gour and certain members of the senior management team collectively own a 20 per cent stake in the company. Air Works claims to be the largest independent flight maintenance and repair organisation (MRO) in India.
It provides maintenance services to carriers such as SpiceJet and Vistara at its facility in Hosur, on the outskirts of Bengaluru. GMR is the only other service provider that maintains aircraft for third parties. Air India and Jet Airways have in-house aircraft maintenance arms. Air Works also provides transit checks at 14 airports for multiple foreign carriers.
09/02/17 Mohit Bhalla/Economic Times
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