Air France-KLM to acquire 26-% stake in Mumbai's Max AeroSpace
17 November 2010
Franco-Dutch aviation firm Air France-KLM group today agreed to acquire a 26-per cent stake in Mumbai-based aircraft maintenance, repair and overhaul (MRO) company Max AeroSpace and Aviation Ltd, for an undisclosed sum.
The aeronautical division of Air France-KLM group and Mumbai-based Max Aerospace also entered into a strategic partnership agreement to set up an aircraft maintenance, repair and overhaul (MRO) facility in India.
The MRO facility is expected to overhaul Boeing and Airbus planes since most Indian carriers use mid-size planes of these two manufacturers.
''This partnership with KLM will help us achieve our component support ambitions, and to have the resources to stay informed of the vigorous growth in our market. The Group's skills and performance are acknowledged worldwide. Becoming an active member of this network is for us a development opportunity not to be missed.
By combining the resources of KLM and our own strong local presence – we are already a major player in India's MRO market – we will create a new market leader,'' said Bharat Malkani, chairman and managing director of Max AeroSpace.
Max AeroSpace will begin constructing the facility in a yet to finalized location in the first quarter of 2011 and the facility is expected to be ready by mid-2013.