CIASL signs mou with Aerostar

The Cochin Internatio-nal Aviation Services Ltd. (CIASL), a subsidiary of Cochin International Airport Ltd., has signed an MoU with Romanian-based Aerostar for sharing technical know-how on maintenance, repair and operations (MRO) of flights on global standards.

Currently, Indian Air Force planes are serviced by Aerostar.

An agreement on launching a joint venture between CIASL and Aerostar in this field is being finalised. The idea is to float a JV company with 51 per cent holdings for CIASL and 49 per cent stake for Aerostar.

CIASL will lease out the hangar to the JV company. The net worth of the company is expected to be Rs 25 crore.

CIASL has been scouting for foreign partnership for the MRO facility since 2006 and had invited global tenders but it did not succeed.

Following the discussions with Aerostar, a three-member technical team from CIASL visited Romania in March and the MoU was reached in June.

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