Air Works buys 85% in UK co for $20 mn

NEW DELHI: Aviation services company Air Works India Engineering has acquired an 85% stake in British aircraft refinishing company Air Livery for $20 million in an all-cash deal. Air Works is promoted by Punj Lloyd, US-based private investment firm GTI Group, Seacor Holding and the Menon family. Air Works is also looking to raise about Rs 100 crore in the second round of funding.

“This acquisition will help us to become a complete solutions provider with aircraft maintenance, component & paint capabilities. In addition, we get access to international customers and technology,” said Air Works India chairperson Suresh Soni. He added that the acquisition adds significantly to its revenues and profitability.

Air Livery will work as an independent business unit of Air Works, which provides airlines maintenance, repair and overhaul (MRO) services to general aviation companies as well as corporate airplanes.

Air Livery has been servicing airline companies like Emirates, KLM, Virgin Atlantic, Aeroflot, among others. It has a turnover of about Rs 135 crore.