Air Works India Engineering Pvt Ltd, a leading provider of aviation services in India, has made a strategic investment in Dubai-based private aviation specialist, Empire Aviation Group (EAG).
Air Works has funded this strategic investment through a mix of internal accruals and structured debt finance of Rs 120 crore from KKR & Co LP, a leading global investment firm.
While refusing to divulge the stake, Vivek N Gour, managing director, Air Works, said the move will help them increase footprint in the West Asia and provide world class aircraft management services to customers in India.
Established in 1951, Air Works is qualified to maintain 50 aircraft types, for over 100 customers across 15 maintenance locations in India. Gour said the company will raise $50 million in the next one year and is looking to acquire an engine maintenance, repair, overhaul facility soon.
Paras Dhamecha, co-founder and executive director, EAG said the move will help facilitate its entry into India and allow them to exploit more fully the Indian market opportunity.