Given a fiber bundle of GKM spaces, π:M→B, we analyze the
structure of the equivariant K-ring of M as a module over the equivariant
K-ring of B by translating the fiber bundle, π, into a fiber bundle of
GKM graphs and constructing, by combinatorial techniques, a basis of this
module consisting of K-classes which are invariant under the natural holonomy
action on the K-ring of M of the fundamental group of the GKM graph of B.
We also discuss the implications of this result for fiber bundles π:M→B where M and B are generalized partial flag varieties and show how
our GKM description of the equivariant K-ring of a homogeneous GKM space is
related to the Kostant-Kumar description of this ring.Comment: 15 page