PNN
Doha [Qatar], April 25: Exhicon Events Media Solutions Ltd. (an Exhicon Group Company), listed on the BSE, has acquired 89.99 percent of the equity shares of United Helicharters Private Limited from Gulf Helicopters Company Q.S.C, a unit of Qatar General Petroleum Corporation, based in Doha, State of Qatar.
United Helicharters Private Limited was incorporated on February 26, 1998, under the provisions of the Companies Act, 1956, with its registered office situated at Hangar No. C-2, Airports Authority of India, Civil Aerodrome, Juhu, Mumbai - 400056, Maharashtra, India.
The cost of the acquisition (including liabilities), as per the company's announcement on the BSE, is Rs 17.66 Cr.
UHPL specializes in providing helicopter charter services for corporate travel, medical evacuation, aerial surveys, maintenance research, and overhaul (MRO) services, aviation training, and helicopter parking services for public and private sector companies in India.
UHPL has over 15,000 sqm of facilities at Pawan Hans, Juhu Airport, Mumbai, in addition to its bases located on the west and east coasts of India.
UHPL's fleet has logged over 62,000 flying hours to date. In recognition of its safety record, Bell Helicopters Textron awarded UHPL with a "Certificate of Recognition" for achieving the highest safety record in India.
M Q Syed, Chairman of the Exhicon Group, informed, "This is one of the most important acquisitions by Exhicon after the company was listed on the BSE last year."
Elated with the deal, Syed further said, "The acquisition is poised to bolster Exhicon's position in aviation, religious tourism, and the MICE business (meetings, incentives, conferences, and exhibitions) by expanding its portfolio and geographic reach."
Padma Mishra, promoter of Exhicon, said, "It's a matter of pride that an Indian SME has been able to acquire a subsidiary of a government company of Qatar. UHPL is the only aviation company in India to have executed overseas contracts for operating outside the country (Southeast Asia - Cambodia and Indonesia) for offshore logistic support services."
With this acquisition, Exhicon aims to enhance services and experiences for its clientele, catering to the diverse needs of PSU, private sector companies, religious pilgrims, and business travelers.
The acquisition is the sixth in a row for Exhicon in the last year, one of them being outside India and one of them from Qatar Petroleum and Gulf Helicopters, Doha, Qatar.
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