Farnborough, England– Magellan Aerospace Corporation (“Magellan”) announced today the signing of a Memorandum of Understanding (MOU) with Aequs Private Limited (“Aequs”) to explore the development of a jointly-owned engine Maintenance, Repair, and Overhaul (MRO) business in the Aequs Special Economic Zone, located in Belagavi, Karnataka, India.
Rapid Growth in India’s Aerospace Sector
India’s aerospace sector has witnessed significant growth over the past decade, fueled by government initiatives such as Make in India and the UDAN Scheme, the expansion of the private sector, and a surge in air traffic. This growth has positioned India as one of the fastest-growing aviation markets globally, leading to a substantial increase in demand for MRO services.
Strategic Collaboration for MRO Development
Under the terms of the MOU, Magellan and Aequs will collaborate to assess the market potential for business, commercial, and military aircraft engine MRO services. Together, they aim to develop a comprehensive business plan to expand their existing partnership into the MRO sector through this promising new venture.
Successful Joint Venture History
In 2008, Aequs and Magellan established Aerospace Processing India (API), a joint venture that was the first Airbus and Boeing-approved plant in India. This plant provided aerospace surface treatments that were not readily available in the country at the time. Over the past 15 years, the venture has grown to become the largest of its kind in India, processing over 1.5 million parts annually. This successful collaboration underscores the solid foundation of the Aequs/Magellan relationship, which continues to deliver unique, cost-effective solutions to support a global customer base.
Commenting on this newly agreed-to MOU Aravind Melligeri, Chairman and CEO, Aequs said, “We have had a successful relationship with Magellan Aerospace for the past 15 years and partnered to build the most innovative and effective Aerospace ecosystem in India today at the Aequs SEZ. It is only logical we explore further opportunities to service the fast-growing business, civil and military aviation industry in India. This facility is expected to have the ability to strip, rebuild, and test engines to help alleviate existing capacity constraints. This JV will leverage the vertically integrated Aerospace manufacturing ecosystem at Aequs SEZ and coupled with Magellan’s global presence and expertise across product lines, will be best suited to provide engine MRO services to domestic and international business, commercial and military aircraft users.”
Phillip Underwood, President and CEO, Magellan Aerospace said, “With soaring aerospace and aviation growth, this potential engine MRO venture for the Indian market will focus on infrastructure development, cost advantages, and strategic initiatives that are essential to realizing the sector’s potential. Magellan is committed to contributing to India’s expertise in the aircraft engine MRO sector and helping grow this industry in the country. We are ready to meet the growing needs of our MRO customers with the cost-effective and quality solutions they have come to expect.”
With this new MRO initiative, Magellan and Aequs are poised to leverage their expertise and successful partnership to meet the rising demand for engine maintenance and overhaul services in India’s burgeoning aerospace market.
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