The board of Jet Airways (India) Ltd has approved an investment of up to 26% in MAS GMR Aerospace Engineering Company Pvt Ltd, which is into aircraft maintenance, repair and overhaul (MRO) activities.
The investment by Jet Airways will be made by way of cash and other non-cash considerations, the company said, in its filing with the BSE. The value of the transaction was not disclosed.
MAS GMR Aerospace Engineering Company Pvt. Ltd is a 50 : 50 joint venture between Malaysian Aerospace Engineering SDN BHD, Malaysia, and GMR Hyderabad International Airport Ltd, set up to undertake MRO activities.
The deal is subject to statutory and regulatory approvals.