Wednesday, May 18, 2011

Air Works divests capital, signs MoU in Abu Dhabi

Neelam Mathews
May 18, 2011
Time: 10:39

Air Works India (Engineering) has announced it has divested a 4.8% stake to Elephant Capital for £2.45 million.  The investment will be made through Elephant Capital’s Mauritian subsidiary, Tusk Investments Fund 1.  

The investment is the first of two tranches and a further announcement will be made in due course.  Elephant Capital’s co-investment vehicle will be investing £.4 million.

Board members of Elephant Capital include James Norman Hauslein, Chairman/CEO (Atlas Acquisition Holdings) Gaurav Burman, Director (Dabur Oncology), Pramnath Raj Sinha, Board Member (Ballarpur Industries, Niraj Agarwal and Francis Anthony Hancock.

Elephant Capital acquired Amar Chitra Katha last year and Clintech for 8 million.
Air Works India has also announced an MOU with Abu Dhabi Airports Company, for setting up an MRO facility at Al Bateen Executive Airport.
“This is another small but significant step for an Indian MRO company to make its signature felt internationally,” says Rahul Gangal, MD Aviotech. 
“This partnership will be highly beneficial for both parties. It provides Air Works access to world class infrastructure at the airport to provide high quality MRO services to business aircraft in the region. In turn, Al Bateen will be able to add a critical element to its portfolio in its quest to offer a full suite of products and services to its customers,” says Vivek N Gour, Managing Director of Air Works said
Abu Dhabi Airports Company (ADAC) has invested $50 million for upgrading the the 50 year-old airport. Further funding has been committed to new hangars, apron enhancements, utilities and runway work. 
By 2014 ADAC is forecasting 12,000 movements at the airport, which can accommodate up to Boeing Business Jet and Airbus A319-sized aircraft.
“Al Bateen is very well placed to handle business aviation traffic by virtue of its city location and focus on speed and efficiency. Passengers are able to board their aircraft and be airborne in a matter of minutes,” General Manager Stephen Jones says.

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