Wadia-SIA ink deal for MRO services

New Delhi, July 27 (UNI) The Wadia group and SIA Engineering Company Limited (SIAECL) today signed a term sheet to form a joint venture company to offer maintenance, repair and overhaul (MRO) services in India.

The Wadia Group will hold 49 per cent stake in the JV while the SIAECL will have 51 per cent shareholding and will also manage the greenfield facility.

The proposed JV, which plans to initially offer line maintenance services at eight major airports, aims to be the preferred line maintenance service provider of both narrow and wide body aircraft in India.

There are also plans to develop the JV into a centre of excellence for airframe maintenance of A320 and B737NG airliners, and the establishment of a leading aerospace engineering training institute.

Both companies will proceed to work out the details of the definitive agreement for the transaction in the near future.

UNI SU VD HT1332