Ramco Systems shares hit 20% upper circuit on partnership with Korean Air
Upstox
2 min read • Updated: April 10, 2024, 4:37 PM
Summary
The Ramco Systems’ partnership comes against the backdrop of Korean Air's announcement of constructing its new engine MRO facility in Unbuk, near Incheon International Airport in South Korea.
Ramco Systems Ltd shares were locked in 20% upper circuit limit at ₹340.9 apiece on the NSE on Wednesday, April 10, after the company announced a strategic partnership with Korean Air, a leading airline based in South Korea.
As part of the deal, the company will implement its flagship aviation software—Ramco Aviation Suite—at Korean Air's Engine Maintenance Centre, Ramco Systems said in an exchange filing.
Ramco Systems' tie-up with Korean Air was announced at MRO Americas 2024 event in Chicago. The collaboration comes against the backdrop of the Korean Air's announcement of constructing its new engine MRO facility in Unbuk, near Incheon International Airport in South Korea. The airline claims the upcoming unit will be the largest maintenance plant in Asia, consolidating all engine MRO capacities into a single cluster.
Korean Air presently conducts MRO work on six engine models and with the latest expansion it will add three engine types to its aircraft facility.
"The implementation of Ramco’s Aviation Software will replace multiple legacy systems to streamline operations across current engine shops and planned expansion sites," the exchange filing read.
The airline's engine maintenance center will also benefit from the Ramco Systems bringing digital enables like Mobility via Anywhere Apps, HUBs, Dashboards and other integrations to the ecosystem offerings.
Commenting on the development, Ramco Systems CEO, Sundar Subramanian, said, “We are thrilled to join forces with Korean Air and support them in their expansion journey to emerge as the leading MRO provider, globally. Our relentless focus on building a best-in-class MRO Suite, complete with specialized Engine MRO functionalities, and bundled with cutting-edge tech stacks has truly proved to be a game-changer."
Ramco's Engine MRO solution will be part of the airline's current and future expansion plans. The deal is expected to strengthen the airline’s aircraft engine maintenance capabilities and solidify its presence in the MRO, the stock exchange filing mentioned.