Jet Airways to pick 26% stake in MAS GMR
The board of Jet Airways (India) Ltd has approved an investment of up to 26% in MAS GMR Aerospace Engineering Company Pvt Ltd, which is into aircraft maintenance, repair and overhaul (MRO) activities. MAS GMR Aerospace Engineering Company Pvt. Ltd is a JV between Malaysian Aerospace Engineering and GMR. The investment by Jet Airways will be made by way of cash and other non-cash considerations, the company said, in its filing with the BSE. The value of the transaction was not disclosed.
MAS GMR Aerospace Engineering Company Pvt. Ltd is a 50:50 joint venture between Malaysian Aerospace Engineering SDN BHD, Malaysia, and GMR Hyderabad International Airport Ltd, set up to undertake MRO activities.
The deal is subject to statutory and regulatory approvals.