Air Works, the largest independent general aviation and commercial maintenance, repair and overhaul (MRO) company in the country, has announced a joint venture with Air Livery, Europe’s leading aircraft refinishing company to offer services in India.
As per the joint venture agreement between Air Works and Air Livery, the new company will be India’s first dedicated paint facility for commercial, VIP, executive and military aircraft, including the B777-300, said a press release. Air Works will invest $50 million for setting up the paint shop, interior completion and engine MRO facilities over the next three years.
“The joint venture between Air Works and Air Livery is an integral part of our strategy and represents another step in our commitment to build strong aviation infrastructure in India,” said Fredrik Groth, chief executive officer, Air Works.
Air Works and Air Livery will provide dedicated aircraft painting services at the former’s MRO facilities at Hosur Airport to serve the entire Asia Pacific region.
This venture will offer paint maintenance services to commercial airlines, VIP and business jet operators at their own facilities or a complete repaint service at Hosur.
The region’s first dedicated painting facility will be equipped with state-of-the art paint application equipment in temperature and humidity control, full extraction system and aircraft control surfaces balancing equipment, added the release.
The Indian MRO market is valued at 150 million dollars. It is expected to grow at 15 per cent CAGR and witness an investment of 30 billion dollars up to 2020, according to recent study by Ernst & Young.
Set up in 1951, Air Works employs over 500 people and provides services at 12 of the country’s airports.
Last year, the engineering and construction company Punj Lloyd bought 33 per cent stake in the company, while the US-based private equity company GTI bought another 33 per cent.
