Air France-KLM has acquired a 26% stake in Mumbai-based Max Aerospace and is to set up a maintenance, repair and overhaul (MRO) facility for aircraft components in India.

The MRO facility will provide spare parts to Indian airlines within the country, instead of importing them from abroad.

KLM senior vice-president Vincent Knoops said, “The Indian market is growing very rapidly. Repairing or replacing aircraft components is a huge business opportunity. There are two cities that have emerged as the options for locating this facility,” according to the Times of India.

Most Indian carriers have to send their planes abroad to run maintenance checks and depend on foreign suppliers for components, according to indiatimes.com.