SIA Engineering Company (SIAEC) S59 has announced the signing of a 12-year inventory technical management (ITM) agreement with Air India Group on Feb 21.
Under the agreement, SIAEC will provide extensive component support coverage for Air India Group’s current fleet of Airbus A320 family aircraft.
Besides access to its inventory pool, SIAEC, together with its subsidiaries and joint venture companies with original equipment manufacturers, will also provide repair and overhaul services for airframe and on-wing engine components.
SIAEC CEO Chin Yau Seng says: “We are honoured to be selected as Air India Group’s component service partner, and appreciative of their confidence in our ITM programme. Our Airbus A320 ITM programme will support Air India Group’s commitment to delivering world class service. Together with our network of component shops and joint venture companies, we are confident in providing high quality and reliable component services to Air India Group”.
Campbell Wilson, CEO and managing director of Air India, adds: “We are delighted to have SIAEC as our partner. The collaboration will further bolster our repair and maintenance competencies for the Airbus A320 family of aircraft and enhance our reliability and availability of components for aircraft operations.”
SIAEC notes that the transaction is not expected to have a material impact on the net tangible assets per share or the earnings per share of the company for its FY2024 ending March 31.
See also: SIA to adjust conversion prices of 1.625% convertible bonds due 2025 after interim dividend
Shares in SIAEC closed 2 cents lower or 0.86% down at $2.31 on Feb 31.
