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The boom in the Aviation industry has set the stage for huge growth in the aircraft Maintenance, Repair and Overhaul (MRO) market. The Asia Pacific region, particularly India, is set to drive this massive growth over the next few decades. The rapid recovery of this industry has not only resulted in increased air traffic, but also encouraged Governments and private equity organizations to invest in aircraft MRO. The sheer potential of the domestic passenger market is the engine that is driving this industry. Also, the booming air traffic growth facilitates the setting up of new low-cost MRO hubs, thereby, fuelling the competitive climate.

Global investors are flocking to the dynamic Asian aviation industry and are displaying particular interest in the Indian market as they would like to set up world-class maintenance facilities with the advantage of an established brand in the larger aerospace value system. This is because India has witnessed tremendous growth in air traffic in recent years due to the proliferation of numerous low-cost carriers. There has also been a significant increase in domestic and international fleet movements and utilization.

The MRO market in India is truly set to take off…

Cheers
Rusi Brij, CEO & Vice Chairman,
Hexaware Technologies

Hexaware Technologies has entered into a Joint Venture Agreement with Pemtrad International Limited to launch Risk Technology International (RiskTech). The new entity will focus exclusively on offering a comprehensive suite of technology-intensive solutions in the domain of enterprise risk and compliance management, primarily for financial institutions worldwide. RiskTech will have offices in UK, USA and India. With Hexaware’s investment of 85% in this Joint Venture, we will be able to strengthen the scope of operations by offering diversified solutions in the field of enterprise risk and treasury risk management applications.

“After Asset Management and Wealth Management, we have now entered the Risk management space through this venture. With this, Hexaware will strengthen its BFSI practice by adding a third sub-vertical of ERM. We expect to achieve revenue of $20mn+ in the third year in RiskTech coupled with a high downstream revenue potential for Hexaware,” stated Atul Nishar, Executive Chairman, Hexaware Technologies Ltd on the launch of the company. Read more

Despite the challenges Airlines have been facing, potential for opportunity in the Maintenance, Repair and Overhaul (MRO) industry is promising. It is estimated that the world fleet will grow by 60% over the next 10 years and the MRO global market will grow by US$4.8 billion over the next 5 years. Solid growth in new airlines, aircraft fleet and passenger numbers, both in developed and emerging economies (particularly china and India), is adding to the demand for the MRO services. The newly introduced wide-body aircraft Airbus A380, which is certain to introduce new standards, processes and tools, can only add to the complexities of MRO and the operational information to optimize the maintenance processes and labor costs. Geographic spread of (new facilities in Asia Pacific) MRO facilities, poses new challenges of integrating data, customers, suppliers and IT systems for operational information needs. Read more