The deal is expecteed in next 3 weeks.
Global Holdings Company (GHC), the holding company of telecom firms GTL and GTL Infrastructure, is in talks to acquire Mumbai-based Indmar Aviation Services Company for an undisclosed amount. The deal is expected to be concluded within the next 15-20 days.
Global Projects and Aviations, a subsidiary of Global Holdings Company (GHC), will be the designated company to acquire Indmar, sources close to the development said.
Cash-strapped Indmar, which provides maintenance and repair services to general aviation, was in talks with investors for fund-raising.
Both, Global Projects and Aviations and Indmar officials confirmed the development. While an Indmar top source said Global Projects and Aviations has acquired Indmar, Aviations Group COO Rajiv Wadhwa said GTL and GTL Infrastructure have not directly or indirectly invested in the company. However, a GHC spokesperson denied the development.
Headquartered at the Mumbai International Airport, Indmar has presence across nine locations in the country. It has 40 engineers and is currently entangled in a legal suit with the Mumbai International Airport Ltd (MIAL) that has served an eviction notice to the company through Airports Authority of India to vacate the premises as the designated lease period has expired. The matter is in the court.
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