Friday, April 14, 2006

Jagson Airlines sells stake to foreign investor

Low cost carrier Jagson Airlines, which is to launch operations from May, on Thursday said it has sold about 15.99 per cent stake to a foreign investor and could go in for public issue next year.
"We have given less than 15.99 per cent stake to the foreign investor and we may go public next year," U K Bose, president and CEO, Jagson said.
He, however, refused to disclose the investor's name or the value of the initial public offer it was looking at.
Under the present rules, no foreign airline is allowed to pick a stake in Indian carriers but foreign institutional investors can do so up to 15.99 per cent of the total.
Bose said Jagson Airlines would get two Airbus A-321 aircraft by that time and have a fleet of six of these planes by the year-end.With the first two A-321s, Jagson would launch services to nine cities, with the inaugural flight covering the Delhi- Bangalore sector. It would add another seven aircraft by the end of 2007 and eight more in 2008.
13/04/06 PTI/Rediff

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