MAS GMR Aerospace Engineering Company Limited (MGAE), the airport-owned -and-operated third party maintenance, repair and overhaul (MRO) facility at Rajiv Gandhi International Airport, Hyderabad, has achieved financial closure.
MGAE is a 50-50 joint venture between GMR Hyderabad International Airport Limited (GHIAL) and Malaysian Aerospace Engineering (MAE), a subsidiary of Malaysia Airlines Systems Berhad (MAS).
The total project cost is Rs 309 crore. Of this, Rs 77 crore would be equity and the remaining Rs 232 crore is debt, syndicated by State Bank of Hyderabad, Andhra Bank and State Bank of Bikaner & Jaipur.
The MRO facility is designed to perform base maintenance checks with one wide body, two narrow body and one narrow-body-cum paint hangars. These hangars will be supported by workshops that are necessary for airframe heavy maintenance.
MGAE initially will perform base maintenance checks for Boeing, Airbus and ATR. The facility is expected to be operational from July 2011 with necessary certifications from the Directorate General of Civil Aviation (DGCA) and European Aviation Safety Agency (EASA), according to a press release.
