Air Works India completes EAG stake deal

Air Works India Engineering Pvt Ltd has completed stake acquisition in Dubai-based Empire Aviation Group (EAG), EAG's financial advisor for the deal Alpen Capital (ME) Ltd has said.

The strategic acquisition will help Air Works increase its footprint in the Middle East and provide aircraft management services to its Indian customers. Air Works did not disclose the stake.

Air Works said the deal was funded through a mix of internal accruals and structured debt finance of Rs120 crore from KKR Capital Markets India Pvt Ltd.

''Alpen Capital is delighted to announce the successful closure of this complex M&A transaction, where Alpen Capital acted as the sole financial advisor representing the sellers,'' Alpen Capital's MD Sanjay Vig said.

''The GCC-India corridor has a lot of potential and with our presence and expertise in both these markets, we feel we are well equipped to advise clients on such cross border deals,'' Vig said.

Formed in Dubai in 2007, EAG is a one-stop shop for integrated private aviation services offering aircraft sales, aircraft management, aircraft charter, and aircraft finance and insurance, the statement said.