Boeing and SIA Engineering’s proposed aircraft maintenance joint venture (JV) has been approved by the Competition Commission of Singapore (CCS).

The competition commission said that the JV will not impact competition in Singapore markets.

CCS reviewed submissions and feedback from industry stakeholders and concluded that there are other viable alternative suppliers of local ITM and FTM services and presence of considerable countervailing buyer power by the airlines.

The JV will provide maintenance, repair and overhaul services as well as other related services for specific Boeing aircraft to SIA Group’s customers and other third-party customers in South Asia Pacific.

Boeing Singapore and SIA Engineering will own 51% and 49% stakes respectively in the JV, which they signed a deal for in July last year.

SIA Engineering president and CEO William Tan earlier said: "The joint venture will be a game-changer for the airline industry.

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"It will set new standards for aircraft reliability and utilisation. It will also make fleet management solutions far moreaccessible, customisable and affordable for airlines. Aircraft ownership will be made much simpler."

The JV will bring together Boeing’s original equipment manufacturer (OEM) expertise and e-enabling technology and SIA Engineering’s maintenance experience and knowledge of airlines’ engineering needs.

Boeing Commercial Airplanes vice-chairman and president and CEO Ray Conner said: "Through this joint venture, customers of Boeing GoldCare and other operators of Boeing airplanes will now have access to an even broader range of world-class support and services, competitively priced and located in one of the fastest-growing aviation markets."