SIA Engineering (SIAEC) (SGX:S59
) announced that it has signed a legally non-binding Memorandum of Understanding (MOU) with Air India to explore collaboration opportunities in maintenance, repair and overhaul (MRO) to support the development of India as a global aviation MRO hub.
According to SIAEC, this MOU aims to deepen the relationship of both parties by leveraging on its MRO and technical expertise and Air India’s established airline operations network.
“This collaboration could include the potential formation of an MRO joint venture in India, serving the increasing needs of the Indian and regional aviation markets,” SIAEC adds.
“In exploring further options for collaboration with Air India, SIAEC aims to leverage its technical expertise to jointly develop an MRO partnership that will play an integral role in Air India’s pursuit of operational excellence and potentially serve customers both within and outside the country, thus further strengthening the aviation ecosystem in India,” says Chin Yau Seng, CEO of SIAEC.
“Partnerships such as this can play a constructive role in enabling that broader direction and developing India as a global aviation hub,” says Campbell Wilson, CEO and managing director of Air India.
Shares of SIAEC closed 1 cent higher, or 0.29% up at $3.47 on July 3.
