Air Works India Engineering gets Rs 125 cr in PE funding
The company received investment from US-based New Enterprise Associates and London-based Elephant Capital for a minority stake.
By Peerzada Abrar, ET Bureau | Updated:
BANGALORE: Air Works India Engineering said it has raised private equity funding of Rs 125 crore to acquire companies and build new facilities.
The company received investment from US-based New Enterprise Associates and London-based Elephant Capital for a minority stake.
"This deal reiterates the growth potential of MRO services," Air Works managing director Vivek N Gour said. He added India is poised to become one of the fastest growing market in the world for MRO services over the next decade tripling its worth to $1.5 billion by 2020.
"The MRO market in India is experiencing rapid growth due to the increasing demand for new aircraft, driven by the demand from both the commercial aviation sector and the business aviation sector," Elephant Capital LLP managing director Gaurav Burman said.
The company received investment from US-based New Enterprise Associates and London-based Elephant Capital for a minority stake.
"This deal reiterates the growth potential of MRO services," Air Works managing director Vivek N Gour said. He added India is poised to become one of the fastest growing market in the world for MRO services over the next decade tripling its worth to $1.5 billion by 2020.
"The MRO market in India is experiencing rapid growth due to the increasing demand for new aircraft, driven by the demand from both the commercial aviation sector and the business aviation sector," Elephant Capital LLP managing director Gaurav Burman said.
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