Magellan Aerospace Corporation has announced the signing of a Memorandum of Understanding (MOU) with Aequs Private Limited to explore the development of a business plan for a jointly-owned engine Maintenance, Repair, and Overhaul (MRO) business in the Aequs Special Economic Zone, located in Belagavi, Karnataka, India.
India’s aerospace sector has experienced growth over the past decade, driven by government initiatives including Make in India and UDAN Scheme, growth in the private sector, and increasing air traffic. Air travel demand in India has surged, making it one of the fastest-growing aviation markets globally.
Given the substantial growth of aerospace and aviation in India, the MRO sector is poised for significant development. Under the terms of this MOU, Magellan and Aequs will work together to evaluate the market for business, commercial, and military aircraft engine MRO services. They aim to develop a comprehensive business plan that expands their existing partnership into this new project.