GMR,Malaysia airlines set to for airframe maintenance JV
GMR-promoted Hyderabad International Airport Ltd (HIAL) is set to form a joint venture (JV) with Malaysia Airlines for airframe maintenance, repair and overhaul services (MRO).
By Anto Antony, ET Bureau |
HYDERABAD: GMR-promoted Hyderabad International Airport Ltd (HIAL) is set to form a joint venture (JV) with Malaysia Airlines for airframe maintenance, repair and overhaul services (MRO). The proposed venture is expected to bring down cost of maintenance for aircraft operating in India.
The setting up of MRO facility in Hyderabad is expected to cost about Rs 400 crore out of which Rs 240 crore will be funded through debt and the rest through equity, HIAL chief executive officer PS Nair said. Malaysia Airlines will pick up a 50 equity stake in the JV through a wholly-owned subsidiary balance stake will be held by HIAL.
"Despite the economic downturn, there are over 350 aircraft in operation. We expect more than 200 new aircraft will be headed for India in next few years with a possible ten-fold increase of 2,000 new planes in the next 10-15 years," GMR group chairman GM Rao said.
The setting up of MRO facility in Hyderabad is expected to cost about Rs 400 crore out of which Rs 240 crore will be funded through debt and the rest through equity, HIAL chief executive officer PS Nair said. Malaysia Airlines will pick up a 50 equity stake in the JV through a wholly-owned subsidiary balance stake will be held by HIAL.
"Despite the economic downturn, there are over 350 aircraft in operation. We expect more than 200 new aircraft will be headed for India in next few years with a possible ten-fold increase of 2,000 new planes in the next 10-15 years," GMR group chairman GM Rao said.
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