Promoted by retired Indian Airlines officials and plans to operate two 50 seater Embraer initially on lease. To be based at Bangalore.
Source: Press Trust of India
No-frill Air One Feeder Airline to fly from April
Press Trust of India
Bangalore, December 23
Air One Feeder Airline Pvt Ltd, a new 'no-frill' airline promoted by retired Indian Airlines officials, plans to begin operations from April next.
The Bangalore-based firm plans to operate 50-seater jets of Brazilian aircraft manufacturer Embraer on the southern and western sectors, Air One director J W Lobo told PTI on Tuesday.
Air One has received a no-objection certificate from the Ministry of Civil Aviation, he said, adding the airline would not compete with major players on the trunk routes.
Lobo said Ernst & Young has been appointed to attract investors in the firm, which will have an equity base of Rs 4 crore. Air One plans to acquire two aircraft on dry lease from Embraer.
"The promoters will hold 60 per cent equity and the balance will be with investors," he said, adding the firm would raise funds from banks for working capital.
Lobo said Air One would operate initially in southern and western regions during day and plans to shuttle between Kolkata and Bangalore during night to fly patients for the city-based Narayana Hrudayalaya.
He said an MoU was signed a few months ago with the hospital to ferry people from the eastern region, which receives patients from the north-east, besides neighbouring countries.