Deccan Chronicle group to launch India's first dedicated cargo airline in July

Mumbai: The promoters of Deccan Chronicle newspaper will launch India's first international dedicated cargo airline, Flyington Freighters, in July this year with two leased Airbus A330-200F aircraft.
After signing the purchase agreement for six A330-200F aircraft with Airbus' CFO (customers) John Lehay on Wednesday, Deccan Chronicle Holdings Chairman T Venkattram Reddy said that USD one billion would be invested in the air cargo business.
"Initially, we will invest from the internal accruals. However, we may go to the market on a later date to raise resources," Reddy said.
Airbus would start delivering the aircraft, priced USD 175 million each, from the second half of 2008-09 and the entire fleet of six aircraft would be delivered by 2009-10.
To be headquartered in Hyderabad, the airline would operate only internationally to China, Middle East, Africa and Europe, he said, adding that the company has no plans for domestic operations owing to' poor business prospects.
09/05/07 Daily News & Analysis

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Categories: Cargo May 2007, New May 2007