Press / Media

Farnborough, United Kingdom | New Delhi, India, July 18, 2008: After announcing the launch of India’s first 3rd party commercial maintenance, repair and overhaul [MRO] facility at Hosur, Air Works today announced its India joint venture with Air Livery Plc UK - one of Europe’s largest paint shops.

Under the memorandum of agreement signed by Air Works and Air Livery Plc, the joint venture will set up India’s first dedicated paint facility for narrow and wide bodied aircraft with capability up to B777-300.

"This joint venture between Air Works and Air Livery Plc is an important part of our strategy and represents another step in our commitment to build strong platforms of aviation infrastructure in India," said Fredrik Groth –Chief Executive Officer of Air Works.  "Air Works continues to pursue a host of growth and productivity initiatives in India and remain deeply committed towards building India’s aerospace sector."

As part of the joint venture, Air Works will provide dedicated aircraft painting services at Air Works MRO at Hosur Airport with the view to participate at other airports throughout India and the Asia Pacific region. The facility would offer regular painting maintenance to airlines and business jets at their facility or complete tip to tail livery change. The region’s first dedicated paint facility will be equipped with a state of the art temperature humidity control and extraction system.

"We are very excited to announce this agreement and look forward to working with Air Works in order to bring real and lasting value to India's aerospace industry.” said Adrian Tucker, Managing Director of Air Livery Plc.

As part of its commitment to the joint venture and the Commercial MRO, Air Works plan to invest $50 million for setting up paint shop, interior completions, engine MRO over the next three years.

Commenting on its association with Air Works, Michael P. Schulhof, CEO and General Partner, Global Technology Investment said, “At GTI, we consider aviation to be one of the key focus areas for investment. We're pleased to build significantly on our special relationship with Air Works in a way that will meaningfully strengthen Air Works’   position in the fast-growing aviation sector.”

Echoing the sentiment, Atul Punj, Chairman, Punj Lloyd Group said, “Today as group, we are focused on expanding our services and development offerings across various sectors. We are very happy with our association with Air Works and are focused on creating India's preferred aviation services and solutions companies."
 
About Air Works:

Established in 1951, Air Works is the largest independent General Aviation and MRO Company in India. With an extensive and skilled work force of over 500 employees across 12 airports in the country, Air Works manages India's largest aviation technical staff and provides comprehensive services for fixed and rotary wing aircraft. The company has enormous experience in running India's largest MRO operation for jet & turboprop aircraft and helicopters and was also involved in setting up Jet Airways' in-house MRO team in 1994.  In 2007, New York-based private investment firm Global Technology Investment and construction firm Punj Lloyd made growth equity investments in Air Works. For more information, please visit www.airworks.in