Tuesday, January 10, 2017

Air Pegasus gets lifeline as FlyEasy picks up majority stake for Rs. 70 cr

Air Pegasus has received a lifeline with another Bengaluru-based airline, FlyEasy, picking up a majority stake for around Rs. 70 crore.

Sources close to the airline said FlyEasy has bought slightly over 60 per cent stake in Air Pegasus.

Air Pegasus, whose operator licence has been suspended, will now start operations in a month's time, a senior airline official told BusinessLine. The official said it expects to take on lease a single ATR soon and plans to get back its licence in a fortnight.

As part of revamping its operations, Air Pegasus will induct 24 aircraft in the next four years, of which six will be inducted this year.

"Air Pegasus will continue as a regional airline, operating in tier-2 and tier-3 cities, while FlyEasy Airlines will operate as a pan-India operator with an all-Airbus fleet and will have a commercial launch on May 2017," said Shyson Thomas, Managing Director, Air Pegasus.
10/01/17 K Giriprakash/The Hindu Business Line