Indian MRO Firm Air Works Looking for Acquisitions in Europe and Southeast Asia
Air Works, a dominant player in India's Maintenance Repair and Operations (MRO), announced it is on the lookout for acquisition investments in its line of business overseas. Air Works is an Authorized Service Centre for Rockwell Collins, Gulfstream, Bombardier, Honeywell, Agusta Westland, Bell Helicopter and Superjet International.
- (1888PressRelease) July 13, 2010 - Air Works, a dominant player in India's Maintenance Repair and Operations (MRO), Tuesday announced it is on the lookout for acquisition investments in its line of business overseas. Air Works undertakes services in repairs and advanced maintenance of Boeing-737 and turboprop ATR planes. The announcement was made by senior company officials in a press statement.
Vivek N Gour, Air Works India's newly appointed CEO, said the company was currently actively considering viable investments in Europe and Southeast Asia to compliment its capabilities and list of services that it offers. Further, the company is as well pondering the acquisition of an additional route especially in the engine overhauling services. Gour, the former Chief Financial Officer of Genpact Ltd, a New York Stock Exchange Listed company and a member of its founding team, said the acquisition investment deal could be finalized by early 2011.
According to him, the negotiations, evaluation and due diligence studies on deals of this nature take some considerable time, but the company was keen on finalizing its investments by latest, early 2011, he said. However, Gour would not disclose the details of the transaction or give any specific amounts of the planned acquisition investments. For more information about investment in various sectors of India, visit http://www.investinindia.com.
Gour became a significant investor in Air Works through his personal investments in the company and reiterated his ambitions and plans for the company saying he would invest his money and time to ensure the company becomes the best-in-class global company and put India on the MRO map. That, according to Gour, is his new strategy for the company that is the first Indian commercial Maintenance, Repair and Overhaul (MRO) to receive DGCA approval for its facility and operations at Hosur in Karnataka. It carries out repairs and maintenance of Boeing 737 series and turboprop ATR 42s and 72s, including those of Kingfisher, besides choppers.
Air Work's executive director, Ravi Menon, said the company was expanding robustly including spreading and strengthening its presence overseas via acquisition investments. He further noted that Air Works plans to invest a sum of $40 million for the construction of extra hangars, paint operation facilities and future engine and component MRO operations, adding that the company has already began investing in these new activities together with the training of personnel and the purchase of new equipment.
Air Works is an Authorized Service Centre for Rockwell Collins, Gulfstream, Bombardier, Honeywell, Agusta Westland, Bell Helicopter and Superjet International. Through its Air Livery subsidiary, Air Works has become one of the world's largest providers of aircraft paint services.
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