Second independent director to join the Indian MRO’s five-member Board
Air Works - India’s largest, independent MRO and well-diversified aviation services provider announced the appointment of Dr. Haseeb A. Drabu as an Independent Director on the Board of the Company. The appointment will be subject to the receipt of all requisite government and regulatory approvals, including security clearance. Dr. Drabu’s induction will help in strengthening the Air Works Board which currently comprises five members including, the recently inducted Lt. Gen. K J Singh (Retd.)
Dr. Haseeb A. Drabu is a noted economist and policy maker. He has been an advisor to several institutions and corporates on issues such as macro and monetary policy, banking and finance operations, fund management, corporate investment, and governance advisory. As a lawmaker and a policy planner and in his most recent engagement until March 2018, he was the Finance Minister of the State of Jammu & Kashmir (now a Union Territory).
As a member of the GST council, his contributions have been widely acknowledged. Dr. Drabu has also been the Chairman and Chief Executive of the J&K Bank Ltd. (2005 - 2010). Under his leadership, the bank achieved a record performance - a five-fold increase in net profit (from INR 1 billion to over INR 5 billion) and an NPA reduction by five times (from 2.5% to 0.5%). Prior to this, Dr. Drabu was involved with economics and policy making in India with the Tenth Finance Commission, Economic Advisory Council of the Prime Minister and the Planning Commission of India. A respected columnist, he has been writing on economic issues for over the last three decades.
Commenting on his appointment, Dr. Haseeb A. Drabu said, “I see Air Works, as a model enterprise, not only for the Indian aviation ecosystem of which it is a quintessential part, but for business in general. The company has had a rich legacy, and a richer brand equity build on performance and values. As such, notwithstanding the ongoing circumstances, it is uniquely positioned to be the key player in making India an MRO hub. I am keen to engage with other members of the Board and the Air Works’ management to help realise their collective vision and ambition.”
Welcoming his appointment to the Air Works’ Board, Mr. D Anand Bhaskar, MD & CEO Air Works said, “Dr. Drabu’s addition to the Air Works’ Board is extremely well-timed. His deep understanding and experience in the areas of policy, planning, banking and economics will have an invaluable bearing on Air Works’ overall business strategy and destiny, in light of the unprecedented fluctuation in the economic scenario and the current state of Indian aviation due to Covid-19. Despite having a resilient DNA, we look forward to leverage his rich experience and further strengthen Air Works, embracing both emerging and best practices in corporate governance in order to reinvent our business in sync with the new, emerging normal.”