Air Works forays into commercial aircraft asset management business
Air Works today forged a strategic partnership with Acumen Aviation Europe through a minority investment, marking its foray into the commercial aircraft asset management business.
With this partnership, Air Works enters into the large and growing aircraft asset management business, building greater presence in Europe, Asia and the United States, Air Works said in a release.
This partnership will focus on providing customers a single source for best-in-class aviation services, it said, adding this partnership fits Air Works' strategy of making a push into technology enabled services for the broader aviation industry and working more closely with aircraft owners.
"The aircraft leasing industry continues to expand as more and more airlines focus on their operations and move to an asset light model of using leased aircraft... We are highly optimistic about Acumen's long-term growth prospects," Air Works' managing director Vivek Gour said in the release.
Acumen Aviation, which is an aircraft asset management services company, offers technology-enabled solutions, such as technical asset management and records management, to achieve long-term economic returns on assets. It has offices in India, Ireland, China and the US.
"The complementary nature of our individual business' expertise will improve our service delivery model, thus enhancing the customer experience while achieving business objectives," Alok Anand, Chairman of Acumen Aviation, said.
"The synergy potential will be ultimately realised over the longer term when we can cross-sell Acumen's services to some of the other businesses that Air Works is intending to build organically as well as inorganically," Gour said.
Acumen will continue to operate independently but will benefit from Air Works' experience in scaling up through aggressive business development and M&A, an industry leading Information Technology team and its strong focus on financial management and compliance, Anand added.