'If there is a big enough order, then we would bring the assembly line for the M88 engine and other critical equipment to India.'
The maintenance, repairs and overhault firm, which has six investors, received its first external funding from GTI Group and Punj Lloyd in 2007. All existing investors will exit the company following the transaction.
Lufthansa Technik, a leading aircraft maintenance, repair and overhaul major, is also planning to set up a regional component pool in India to support the existing customers.
The Rs 3.6-crore (Rs 36-million) payable by Kingfisher in the court would cover the dues for three months -- July, August and September.
Oracle of Omaha will initially invest Rs 1,177 crore (Rs 11.77 billion) in the venture.
The fate of US $ 245-million (approx. Rs 1,356 crore at current exchange rates) chlorinated polyvinyl chloride (CPVC) unit, proposed to be set up through a joint venture between billionaire investor Warren Buffet's firm, Lubrizol Corporation and Ahmedabad-based Astral Poly Technik Ltd, is hanging in the balance as there is no progress on the project since the announcement was made in September last year.
Depending on the fleet size and its age, airlines buy 30-50 per cent of the components that they need, and take the rest on lease. Expenditure on spares and components is a considerable part of engineering and maintenance, which account for over 9-10 per cent of the total operating expense of an airline. For instance, Air India, which has a large and ageing fleet, has to provide $35 million-$40 million for spare parts during any time of the year.
The S&P BSE Sensex has rallied about 28 per cent in 2014, after formation of a stable government at the Centre.
Civil Aviation Minister Praful Patel's plans to make India a maintenance, repair and overhaul hub for aircraft in Asia are set to crash. China, once again, has left India way behind. While over 300 MRO companies are in operation in China, only three have set up shops in India - Max Aerospace, Airworks and Indamer.
In times of high interest rates, it is not a very bright idea to take a loan and invest in an IPO
'The growth drivers are mostly invisible, but the growth is undeniable at least for now,' notes Debashis Basu.
The Nifty and Bank Nifty ended at record closing high of 7,913 and 15,865 respectively.
Engineering major BHEL rebounded from its day's lows to end around 1% higher.
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