Major Indian MRO firm Air Works, which carries out repairs and advanced maintenance of Boeing-737 and turboprop ATR planes, is looking at acquiring similar companies abroad, its top officials said today.
"We are actively looking at investments in Europe and Southeast Asia to compliment our capabilities and list of services. We are considering the acquisition route particularly in the engine overhauling area," its newly-appointed CEO Vivek N Gour said after taking over today.
Gour, who was the Chief Financial Officer of NYSE-listed Genpact Limited and a member of its founding team, said the acquisition deals could be finalised by "early next year".
"The negotiations, evaluation and due diligence (on such deals) take time. We are looking at concluding them by early next year," he said in reply to questions.
He, however, refused to divulge further details.
Gour, who has also become a significant shareholder by investing in the company in his personal capacity, said, "I will invest my time and money to make Air Works the best-in- class global company and put India on the MRO map. That will be my strategy".
Air Works is first the Indian commercial Maintenance, Repair and Overhaul (MRO) to receive DGCA approval for its facility and operations at Hosur in Karnataka. It carries out repairs and maintenance of Boeing 737 series and turboprop ATR 42s and 72s, including those of Kingfisher, besides choppers.
Its Executive Director Ravi Menon said the company was "growing rapidly including expanding overseas through acquisitions".
He said Air Works planned to invest up to $40 million for setting up additional hangars, paint operation facilities and future engine and component MRO activities.
"We have already started investing in these activities, by putting up new equipment and training personnel," Menon said.
Air Works is an Authorized Service Centre for Rockwell Collins, Gulfstream, Bombardier, Honeywell, Agusta Westland, Bell Helicopter and Superjet International. Through its Air Livery subsidiary, Air Works has become one of the world's largest providers of aircraft paint services.
Besides DGCA, the company has got approvals from European Aviation Safety Agency (EASA) to carry out repairs and maintenance of ATR planes and has successfully undergone EASA safety audits recently.
