Punj Lloyd and GTI Group-promoted third party maintenance, repair and operations (MRO) company Air Works are looking at raising Rs 100 crore from existing and new PE players. The company mopped up around Rs 97 crore two years back from Punj Lloyd and GTI. The new capital will fund its future expansion plans. Suresh Soni, partner of the New York-headquartered GTI Group, told FE that a majority of the fund would be raised from new PE players. ?The funds will be utilised for expanding the existing capabilities and adding new ones like engine repairing,? he said.
The company, which has a turnover of around Rs 90 crore, operates a full-fledged facility for MRO works at Hosur in Tamil Nadu. It is constructing a hangar to undertake simultaneous painting of two large planes like Boeing 777 or Airbus 340. The work on the project is likely to be completed by the year-end. Its third hangar is set to come up in the first half of the 2011. The facility in Hosur has a 7,500-feet runway and a capacity to service 36 airplanes in a year. It recently received the European Aviation Safety Agency?s approval, the first by an Indian organisation, which covers maintenance and airframe servicing of turboprop ATR-42s, ATR-72s and Boeing 737s.
