Indonesia’s PT Garuda Maintenance Facility AeroAsia (GMF AeroAsia) has bold expansion plans. Iwan Joeniarto, CEO of the maintenance unit of flag carrier PT Garuda Indonesia, aims to sign partnerships with five new airline clients by the end of 2018, with a focus on Russian and Indian airlines.
At the moment the company generates 12% of its revenue from third party clients but Joeniarto aims to increase that portion to 30% within five years, he told Reuters.
GMF AeroAsia has partnerships in place with Bangkok Airways and Novo Airlines in Bangladesh, and is currently bidding for a tender from Russian airline Rossiya.
The MRO company is also hoping to sell a 20% stake to a potential strategic partner in the company to raise $200 million to help expand existing operations and contribute to the $100 million needed to invest in a new maintenance facility on Batam Island, off Singapore.
