Air Works India Engineering, an independent aircraft maintenance, repair and overhaul (MRO) company, is targeting revenues of Rs 300 crore during the next financial year.
“We are likely to close the current fiscal with Rs 260 crore revenues, and expect to reach Rs 300 crore by the next financial year. The company has been growing at 20 per cent year-on-year, and we expect the same growth rate to continue in the coming years,” Vivek Gour, managing director, Air Works, told Business Standard.
Air Works recently entered into an agreement with Embraer for onsite deployment of aircraft in India to reduce time with local deployment of spare parts. “We are also looking at tying up with two-three international aircraft manufacturers in the coming six months,” he said.
It has also joined hands with Dilip Chhabria of DC Design to foray into the aircraft refurbishment market with customised and made-in-India interiors.
The company is targeting 25 business aircraft under its new vertical — Aircraft Maintenance Services — which will be operational in the next three months with a business expectation of over Rs 150 crore in three years.
The new vertical would come up in partnership with an aircraft maintenance company from abroad, and provide maintenance services to business aircraft. However, he refused to disclose the investment number.
The market size in India for business aircraft, including jets and helicopters, is around 450 units. On average, an aircraft owner spends Rs 7-10 crore per annum on maintenance. “Through our aircraft maintenance service, we are targeting Rs 5-6 crore of the Rs 10 crore, which is being spent now,” he said.