EADS to partner Indian Aero Ventures in aviation infrastructure projects
10 Jan 2008
New Delhi: European aerospace giant, EADS, will pick up a 24 per cent stake for Rs131.2 crore, in Indian Aero Ventures (IAV), promoted by Rajeev Chandrasekhar, ex-BPL Mobile chief.
The joint venture will be a holding company for aviation infrastructure projects, such as airport development and operation, maintenance, repair and overhaul (MRO) of aircraft and engines, aviation training academy, manufacture of trainer aircraft and aircraft interiors.
It is expected that the JV will invest Rs1,000 crore in India through separate subsidiaries and bring in other strategic partners for each venture. Industry sources indicate that EADS will likely pick up the stake through a fresh issue of IAV shares.