Wednesday, October 04, 2006

Austrian Air may expand flights in India

Austrian Airlines Group, owner of the country's largest carrier, plans to raise about 350 million euros ($446 million) through a share sale to strengthen its capital structure and gain market share in eastern Europe.
The company will sell as many as 68 million new shares this year to raise the cash, Vienna-based Austrian Airlines said today in a statement. The state, which owns 40 percent of the airline, and a group of Austrian institutional investors, jointly holding 10 percent, will participate in the sale to maintain the percentage of their stakes in the company.
Austrian Airlines also said it will add flights to Chicago and increase its number of flights to New York to 13. The carrier may expand its flights in India and Pakistan while canceling Australian routes beginning March 2007.
03/10/06 Philipp Grontzki and Kamil Tchorek/Bloomberg