Elephant Capital, a private equity business focused on the Indian market, has acquired a 4.8% stake in Air Works India via its Mauritius unit Tusk Investment Firm 1, the Wall Street Journal reports today. The stake cost the Elephant Capital unit about $3.96 million.
[Photo credit: Air Works India]
In April, Air Works India managing director Vivek Gour talked with me about his aims for the company. A big part of that was attaining investment from private equity to improve Air Works India's position in the global market and strengthen it to make strategic acquisitions.
I wrote about some of those growth plans here. You can read more about Air Works India and its management team's strategy in O&M's June issue, which we just closed today. Expect to see the full interview up on AviationWeek.com's O&M Channel on June 1.