Wadia group plans $30 mn MRO unit

Wadia group, the promoter of budget airline GoAir will invest $30 million with SIA Engineering, a subsidiary of Singapore Airlines, for maintenance, repair and overhaul services in the country.

The joint venture is expected to commence operations from November this year. Wadia group will hold 49 per cent stake in JV while the foreign partner will hold the remaining stake.

"We will invest up to $30 million to start with...and plan to operate at eight major airports in India and expand to 30 cities over the next five years," Wadia group Director Jeh Wadia said.

Both firms also plan a training institute and expect to produce 50 engineers and 100 technicians in next two years.

"The staff strength would be 100 in the first year of operation, which would go up to 500 by 2010," he added.