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NEW DELHI, February 16, 2010: Air Works Engineering Pvt Ltd, India's leading provider of Aviation Services, today announced that it has acquired 85% stake at Rs 70 crores in Air Livery UK Plc. With an annual turnover of Rs 135 crores, Air Livery is Europe's leading aircraft refinishing company.

The acquisition adds a significant muscle to both the revenue and profitability of Air Works. Air Works has constantly been focusing on adding accreditations and services to make the company a one stop shop for all maintenance work. Air Works recently became the first Indian airframe MRO Company to be awarded the EASA repairs station approval. By adding a whole new section of painting and refurbishment services through this acquisition, Air Works marks another significant milestone for the Indian MRO industry.

There are over 500 Business Aircraft (Fixed & Rotary) and 350 planes owned by Airlines in India. There is no dedicated professional Paint Hangar in India or for that matter in SE Asia or Middle East. The painting of a wide body Aircraft in the international market costs about $ 250,000 and a narrow body Aircraft $ 125,000. Air Livery will offer approx 25% lower prices. In addition airlines will save ferry costs (average of $ 80,000, and additional down time (minimum of 2 days of operations average $ 60,000).

"This acquisition is a very significant step for Air Works in its strategy to become a complete solution provider for MRO services in India and surrounding region. We are proud of the fact that Air Works has been extremely focused and had delivered what it promised." said Mr. Suresh Soni Executive Director at Air Works.

Air Livery will function as an independent business unit of Air Works. Air Works will retain the key management of Air Livery with Mr. Julian Duffen assuming the duties of Managing Director, Air Livery. Air Livery has a history of providing service excellence in aircraft repainting, interior repair and refurbishment and this acquisition, Air Works will offer the same levels of service to Indian customers. The company maintains an excellent track record of having serviced the most prestigious airlines across the globe.

Mr Julian Duffen, Managing Director, Air Livery was extremely positive about this transaction and said; "India is strategically placed to become the centre for Asia's expanding requirements for Aviation services. Air Works provides the track record, facilities, trained personal and local knowledge that we were seeking in our international partner."

Air Works is in the process of constructing a wide body hangar at its Hosur Airport facility which will be dedicated to Aircraft painting. This Hangar will be able to undertake painting of 2 narrow body aircraft at a time as well as wide body aircraft like Boeing 777 or Airbus 340.

Mr Ravi Menon, Director Air Works said, "The Hosur Paint Hangar would provide world class paint services for aircraft in India as well as the region. It would be economical for all aircraft within 5 hours of flying distance to use this facility."

Air Livery, headquartered in Norwich UK, is a strategic acquisition for Air Works. According to Mr Atul Punj, Member, Board of Directors Air Works the acquisition of Air Livery will not only provide Air Works new capabilities, but also provide access to marquee international customers for cross selling of MRO services in India.

Through this acquisition Air Works will be at the forefront of attracting international Airlines and Business Aircraft of MRO services to India. Air Works estimates that the Air Livery Operations in India will add $ 20-25 M of Revenue in the next five years.

About Air Works

Air Works is India's leading Aviation Services Company including Airline/Business Jet MRO, Aircraft Sales and Management. Air Works is the only EASA Approved MRO facility in India, with approvals for, Boeing B737 and ATR42/72 (Airbus A320 underway).. Air Works has over 500 employees including250 engineers and technicians.. Air Works provides a diverse range of services including base and line maintenance, aircraft repainting and composite / airframe repair for a number of leading Airlines and Corporates. Established in 1951, Air Works is the largest 3rd part MRO player in India with10 facilities across India and around 90 general aviation aircraft under management. Air Works is the Authorized Service Centre for Gulfstream, Bombardier, Honeywell Agusta Westland, Bell Helicopter, Superjet International and in India.

Air Works is promoted by Punj Lloyd, The GTI Group, Seacor Holding and the Menon family.

About Air Livery

Air Livery Plc is Europe's leading aircraft refinishing company including aircraft repainting, interior repair and refurbishment. Air Livery facilities are accredited to ISO 9001-2000, ISO 14001-2000, AS9100 and OHSAS 18001 Quality standards. Air Livery's operations include Norwich Airport with capacity up to B757-300, a wide body aircraft facility at Manchester International Airport (Boeing 777, 747, A340 and A380), London Southend Airport (B757-200), East Midlands Airport (A321 and BA 737) and Bristol (A340 / B747-400). Air Livery's customers include British Airways, Swiss Air, Austrian Airlines, Emirates, Saudi Arabian Airlines, Air Atlanta, Norwegian Air Shuttle, Air Berlin, Gulf Air, Aeroflot, Qatar Airways, Malaysian Airways, and Etihad.

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