Indian companies in Empost Air's shopping list

Dubai: The United Arab Emirates state-owned postal service says it may buy wide-body aircraft from Airbus and Boeing as part of plans to build an air cargo business with a fleet of 50 freighters within five years.
Emirates Post (Empost), which plans to raise about $1 billion in an initial public share offer this year, will start an express cargo unit, Empost Air, on April 29 using two leased Airbus 300 aircraft, Empost Director General Abdulla al-Daboos said.
Empost Air aims to fly to 100 destinations by 2012, focusing on routes to India and other Asian countries, Daboos said.
Emirates Post plans to spend about 2 billion dirhams ($544.8 million) on acquisitions in Asia within a year of an IPO, Daboos said in November. The company's shopping list includes logistics companies, financial services firms specialised in remittances and express mail companies in India, Indonesia, Philippines, China and Hong Kong, he said.
05/04/07 Reuters

To Read the News in full at Source, Click the Headline

Categories: Cargo Apr 2007, Foreign Apr 2007