Aircraft maintenance hangar at Cochin to be operational by next May
Kochi, May 17 (UNI) The state-of-the-art aircraft maintenance hangar at the Nedumbasserry International Airport here is expected to be operational by May next year, Cochin International Airport Ltd.
(CIAL) Managing Director V J Kurien said today.
Addressing a press conference at the Nedumbasserry Airport, Mr Kurien said that a new company by the name of Cochin International Aviation Services Ltd (CIASL) had been registered to operate the hangar.
While the CIAL had a 51 per cent equity, amounting to Rs 10.20 crore, in the new venture, the balance 49 per cent equity, amounting to Rs 9.80 crore, is to be held by licenced aircraft maintenance engineers.
The total investment in the venture is about Rs 35 crore. While the equity holding is Rs 20 crore, the balance would be met by a term-loan, Mr Kurien said.
With the government's ''open skies'' policy taking full shape in the next five years, the demand for aircraft maintenance services is set for a sharp rise.
As against 200 aircraft operating in the country at present, the number is set to double in the next few years, he said.
A separate company had also been registered for operating the proposed low cost airline of the Kerala Government. The first board meeting of the new airline company will be scheduled after the new government took charge, he said.
CIAL has a 26 per cent stake in the airline venture.
Mr Kurien, who is due to demit charge as the managing director of the CIAL, following his appointment as Chairman, Spices Board, said CIAL was doing quite well.
It had ended 2005-06 with a turnover of Rs 110 crore and a profit before tax of Rs 51 crore.
UNI ARC GM JS1956