Air Works India Engineering Pvt. Ltd. said Monday it has purchased a strategic stake in Dubai-based Empire Aviation Group for 1.2 billion rupees ($22 million) as part of steps to expand its footprint in the Middle East and provide aircraft management services to customers in India.
Empire Aviation is an aircraft asset management company and provides private aviation services such as aircraft sales, aircraft management, charter, and aircraft finance and insurance.
Vivek Gour, managing director of Air Works, told a news conference that the transaction will be financed by taking senior secured debt from a consortium of four private-equity firms led by KKR & Co. LP.
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