Tuesday, June 28, 2016


http://www.thehindubusinessline.com/economy/logistics/vistara-to-fasttrack-aircraft-induction-plans-to-seek-funds-from-partners/article8780291.ece

Vistara to fast-track aircraft induction; plans to seek funds from partners


Bengaluru:  Tata Sons-Singapore Airlines’ airline JV Vistara will fast-track the process of acquiring more aircraft and will soon approach the promoters to raise funds for international operations.

It had earlier planned to get 20 aircraft by June 2018, but with the National Civil Aviation Policy being unveiled recently, it plans to hasten the entire process.

“We are now chalking out a long-term strategic plan and will present the same to our promoters to raise funds for international operations and domestic growth,” Vistara CEO Phee Teik Yeoh told BusinessLine in an e-mail interview.

He said the airline will need to infuse more funds to prepare for its international operations.

The airline was founded in 2013 and the JV partners had committed to invest a total of $100 million in the venture. Singapore Airlines has 49 per cent stake in the company, while Tata Sons holds the rest.

Phee Teik said the airline earlier had an indicative plan for international operations, but now was the time to fine-tune it in light of the current market situation and some other variables such as lead time required for overall preparations.

At present, the airline has 11 aircraft in its fleet and as per its initial plan, it planned to induct two more aircraft by end of this year and 20 aircraft (including A320 neos) by June 2018.
27/06/16 Business Line
To Read the News in full at Source, Click the Headline