Farnborough, United Kingdom | New Delhi, India, July 18, 2008: After announcing the launch of India's first 3rd party commercial maintenance, repair and overhaul [MRO] facility at Hosur, Air Works today announced its Indian joint venture with Europe's  Leading Aircraft refinishing  company, Air Livery Plc .

As per the Joint Venture agreement signed by Air Works and Air Livery, the new company will be India's first dedicated paint facility for Commercial , VIP , Executive and Military for narrow and wide body aircraft up to and  including the B777-300,.

"This joint venture between Air Works and Air Livery Plc is an integral part of our strategy and represents another step in our commitment to build a strong aviation infrastructure in India," said Fredrik Groth, Chief Executive Officer of Air Works.  " Air Works continues to pursue a host of growth and productivity enhancing initiatives in India and remains deeply committed to building India's aviation sector."

As part of the joint venture, Air Works and Air Livery will provide dedicated aircraft painting services at its MRO facilities at Hosur Airport with a view to serve the entire Asia Pacific region. This venture will offer paint maintenance service to Commercial airlines, VIP and business jet operators at their own facilities or a complete repaint service at Hosur. The region's first dedicated painting facility will be equipped with state of the art paint application equipment in temperature and humidity control environment, full extraction system as well as aircraft control surfaces balancing equipment.

"We are very excited to announce this major development  and look forward to working with Air Works in order to bring Quality , Flexibility , real and lasting value to India's aerospace industry." said Adrian Tucker, Managing Director of Air Livery Plc.

As part of its commitment to the joint venture and the other Commercial MRO activities, Air Works plan to invest $50 million for setting up the paint shop, interior completions and engine MRO facilities over the next three years.

Commenting on its association with Air Works, Michael P. Schulhof, CEO and General Partner, GTI Group LLC said, "At GTI, we consider aviation to be one of the key focus areas for investment. We're pleased to build significantly on our special relationship with Air Works in a way that will meaningfully strengthen their position in the fast-growing aviation sector in India."

Echoing the sentiment, Atul Punj, Chairman, Punj Lloyd Group said, "Today as a group, we are focused on expanding our services and development offerings across various sectors. We are very happy with our association with Air Works and are focused on creating India's preferred aviation services and solutions Company."

About Air Livery Plc - UK:
Founded in 1992, Air Livery's primary objective was to deliver an enhanced concept in aircraft refinishing through improved Quality Awareness and Customer Service. Air Livery has many years experience in the aircraft refinishing market with a reputation for quality, high standards of workmanship as well as providing cost effective solutions. All work is covered by a comprehensive warranty and the Company has achieved accreditation to ISO9001, AS9100, ISO14001 and OHSAS 18001 which assures our customers of our commitment to Quality, Health, Safety and the Environment. The company also numerous approvals from the Worlds leading Airlines and MRO's including Austrian Airlines ,  Czech Airlines , Emirates , Swiss International , KLM , Alitalia , Air Berlin , SR Technics and Virgin Atlantic .The Company has 8 aircraft paint facilities based in the UK with capacity from SAAB 340 up to and including A340 , B747-400 . Air Livery recently acquired Sprayavia International and in turn has developed in to Europe's largest independent aircraft refinishing specialist. For further information please visit our website at www.airlivery.com