Air Works invests in EAG

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Air Work India Engineering has made a strategic investment in the Dubai based Empire Aviation Group

Empire Aviation Group and Air WorksAir Works India Engineering
Pvt Ltd has announced that it made a strategic investment in Dubai based Empire Aviation Group (EAG). Air
Works has funded this strategic investment through a mix of internal accruals
and structured debt finance of INR 120 crore from KKR & Co. L.P. (KKR) a
leading global investment firm.

EAG was formed in 2007 by Paras
Dhamecha and Steve Hartley. Today, the company has more than 100 staff and
operates one of the region’s largest managed fleets of business jets, with 20
aircraft under management, operating out of Dubai International
Airport.

Commenting on the partnership,
EAG co-founder and executive director, Paras Dhamecha said: “Since formation in
2007, EAG has successfully built a strong regional aviation business and grown
revenues and profit every year. We have also recently been looking at the
exciting potential of the Indian aviation market and opened our first branch
office there in 2011. So, we warmly welcome this partnership with Air Works –
one of the leading companies in India’s
rapidly developing private aviation sector – which will help facilitate our
entry into India and allow
us to exploit more fully the Indian market opportunity by replicating the full
portfolio of aviation services for India
that we have successfully developed for the Middle East.”

Vivek Gour, managing director,
Air Works added: “In continuation of our long term strategy to add significant
capabilities to our service portfolio, Air Works is delighted to announce this
strategic investment in Empire Aviation Group, which has created a very
impressive track record of achievement in its relatively short history. The
company has a great business model, a very experienced management team and a
strong reputation within the regional and international industry. We are fully
confident that by working closely together, Air Works and EAG can build a
strong franchise in the emerging aviation markets of India
and the Middle East.”

Steve Hartley, co-founder
and executive director of EAG, further commented: “This partnership with Air
Works will help EAG to broaden our business base and service offering in the
Middle East and India
– and beyond. The timing is absolutely right as the global aviation sector
recovers and this move will help accelerate EAG’s growth and development as a
regional and international player in private aviation, which has been our
mission since we started the company in Dubai,
in 2007. Air Works is the leading aviation specialist in India and will provide market
knowledge, experience and resources, so this is a very exciting opportunity for
EAG.”

Photograph (left to right): Vivek Gour, managing director,
Air Works; Steve Hartley, co-founder and executive director, EAG and Paras Dhamecha,
co-founder and executive director, EAG

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