Ramco Systems stock price hits 20% upper circuit on a multi-million-dollar deal with Korean Air
₹341.75 apiece on Wednesday following the company's announcement of signing a significant multi-million-dollar deal with Korean Air, the largest airline in Korea. The deal entails providing technological support for Korean Air's new engine maintenance complex.
In an exchange filing, Ramco Systems said it entered into a strategic engagement with Korean Air, a flag carrier of South Korea and its largest airline, to implement its flagship aviation software, Ramco Aviation Suite at Korean Air’s Engine Maintenance Center. "The implementation of Ramco’s aviation software will replace multiple legacy systems to streamline operations across current engine shops and planned expansion sites," the company said in a regulatory filing.
This deal comes on the heels of Korean Air's recent announcement regarding the establishment of its engine Maintenance, Repair, and Overhaul (MRO) facility in Unbuk, near Incheon International Airport. This facility is anticipated to be Asia's largest engine maintenance plant, consolidating all engine MRO capabilities into a single cluster.
Ramco Systems highlighted that its engine MRO solution will address both the present needs and future expansion plans of Korean Air. This move is expected to enhance the airline's aircraft engine maintenance capabilities and reinforce its position in the segment.
"With comprehensive MRO-specific functionalities, and integrated e-publications all on a unified platform, offered as an out of the box solution, Ramco Aviation will be the technological foundation for Korean Air," the company added. Furthermore, Korean Air's engine maintenance center will leverage digital enablers such as Mobility via Anywhere Apps, HUBs, Dashboards, and other integrations to the ecosystem
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