CALC has acquired a 35.68% equity stake in an  Indonesian airline operating company, PT TransNusa Aviation Mandiri (TAM) $U28 million,, through a subscription agreement with Aviation Synergy. In statement CALC said this is a significant move for the firm as it to expanded its downstream footprint as part of its business strategy of combining vertical integration and horizontal expansion. CALC said the investment in TAM enables it expand its full-value chain business model and  exploit the synergy in the “manufacturer-lessor-airlines” ecosystem. “Such a competitive advantage would enable the Group to capture value at every point of an aircraft life cycle, including

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