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Air Works acquires stake in UK company
19 February 2010: Air Works India Engineering has acquired 86 per cent stake in British aircraft refinishing company Air Livery for $20 million (approx Rs 92 crore) in an all-cash deal.
This acquisition is likely to help the company to become a complete solutions provider with aircraft maintenance, component & paint capabilities. In addition, we get access to international customers and technology.
Air Livery will work as an independent business unit of Air Works, which provides airlines maintenance, repair and overhaul (MRO) services to general aviation companies as well as corporate airplanes.
Air Works is promoted by Punj Lloyd, US-based private investment firm GTI Group, Seacor Holding and the Menon family. The company is also looking to raise about Rs 100 crore in the second round of funding.
Source: Economic Times