Jet Airways to invest up to 26 percent in MAS GMR Aero

Jet Airways India's largest private airlines operator today said that its board has approved in principle to acquire a stake of up to 26 per cent in Hyderabad-based MAS GMR Aerospace Engineering Company Pvt Ltd.

In a statement to the Bombay Stock Exchange, Jet Airways said that its board, which met on 25 January 2010, approved the investment of up to 26 per cent (partly for cash and partly for consideration other than cash) in the share capital of MAS GMR, subject to receipt of all statutory and regulatory approvals.

Jet Airways had signed an exclusive 10-year maintenance, repair and overhaul agreement with MAS-GMR Aerospace Engineering Company on 22 January.

GMR Aerospace is an equal joint venture between Malaysian Aerospace Engineering SDN BHD and GMR Hyderabad International Airport Ltd, set up to undertake airframe maintenance, repair and overhaul activities.