Oriole Capital Group (United States) will invest USD 150 million in development of production of An-74 transport aircraft at the Kharkiv State Aircraft Manufacturing Enterprise’s facilities, the Ukroboronprom state defense concern announced in a statement on Monday, November 13.
The relevant agreement was reached at the 2017 Dubai Air Show, which is taking place from November 12 to 16.
However, the type of document that was signed is unknown: a memorandum, a procurement agreement, an investment agreement, or some other document. The managements of Ukroboronprom and the Kharkiv State Aircraft Manufacturing Enterprise signed the document on the Ukrainian side.
"In accordance with the agreements, the Kharkiv State Aircraft Manufacturing Enterprise, which is part of Ukroboronprom, will receive an investment in the amount of 150 million USD to enable mass production and modernization of the iconic AN-74 aircraft. This agreement primarily involves mass production of Ukrainian An-74s of various modifications at the Kharkiv State Aircraft Manufacturing Enterprise’s facilities. Capital Group Oriole will invest in production, modernization, and sale of these aircraft," Ukroboronprom said.
In addition, the Kharkiv State Aircraft Manufacturing Enterprise will receive orders for supporting products and services such as aircraft spare parts, maintenance, and pilot training.
Oriole Capital Group LLC was established in June 2017. According to information on its website, Oriole Capital Group’s focus and mission are investing in and supporting innovative aviation projects worldwide. Hossein Mousavi is the CEO of Oriole Capital Group.
According to Ukroboronprom, Oriole Capital Group was founded by executives from Wamar International, a diverse manufacturing and services company engaged in armored vehicle manufacturing, gas turbine manufacturing, and aviation optimization technologies, and Aero-Pioneer Group, an airborne logistics company that owns and operates aircraft in austere environments on behalf of large NGOs and international organizations. Oriole Capital Group’s team consists of senior executives from leading aviation industry and regulatory organizations including Boeing, Hawker-Beechcraft, Cessna, Thales, United Airlines, Textron Aviation, and the Federal Aviation Administration of the United States (FAA).
