India's Jet picks up stake in MAS-GMR joint venture

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Indian carrier Jet Airways is to buy a 26% stake in the Hyderabad-based MAS-GMR Aerospace Engineering.

The stake in MAS-GMR Aerospace, a maintenance, repair and overhaul (MRO) joint venture between Malaysia Airlines and GMR Hyderabad International Airport, will be acquired "partly for cash and partly for consideration other than cash", says Jet.

Earlier this week, MAS-GMR Aerospace signed a 10-year deal with Jet to provide heavy maintenance for the carrier's entire fleet.

This will take place at its new facility, which it aims to open in the first quarter of 2011. It will offer C- and D-checks initially to Airbus A320s and Boeing 737s before moving onto long-haul types.

Once the facility opens, it will be able to work on Jet Airways' fleet within India, reducing costs and aircraft-on-ground time. The carrier has 89 mainline aircraft and another 23 with its no-frills subsidiary Jet Airways Konnect.