New York investment firm Global Technology Investment and construction firm Punj Lloyd have each bought a 33-percent share in Airworks India. It is believed to be the first deal of its kind in the country’s general aviation sector.
Airworks is owned by the Menon family and is one of the oldest aircraft maintenance firms in India; the family will retain a 33-percent stake. “The aim is to take the business forward without losing out on the passion that the founders have for aviation,” said Airworks India director Ravi Menon. “We have chosen two partners who will bring international practices and capital without us losing our identity.”
Airworks India, established in 1951, is India’s largest provider of maintenance services for business aircraft, with DGCA approvals for more than 40 types of aircraft.