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...