Jun 18 2012 |
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Air Works India Buys Stake in Dubai's Empire Aviation Group for $22 Mln
Monday, Jun 18, 2012
By Rakesh Sharma
NEW DELHI--Air Works India Engineering Pvt. Ltd. said Monday it has purchased a strategic stake in Dubai-based Empire Aviation Group for 1.2 billion rupees ($22 million) as part of steps to expand its footprint in the Middle East and provide aircraft management services to customers in India.
Empire Aviation is an aircraft asset management company and provides private aviation services such as aircraft sales, aircraft management, charter, and aircraft finance and insurance.
Vivek Gour, managing director of Air Works, told a news conference that the transaction will be financed by taking senior secured debt from a consortium of four private-equity firms led by KKR & Co. LP.
Air Works offers aircraft maintenance, repair and overhaul services in India and aircraft paint and refinishing in the U.K.
He said a potential target has yet to be zeroed in but added that Air Works is looking at Australia, South Africa, the U.S. and U.K. for the planned acquisition.
Air Works may raise $35 million to $50 million for the acquisition, Mr. Gour added.
Write to Rakesh Sharma at rakesh.sharma@dowjones.com
(END) Dow Jones Newswires
18-06-12 0727GMT
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