Club One Air to invest 50 mn dlr to acquire aircraft

Mumbai: Club One Air will invest $50 million within the next five years to acquire aircraft, of which two will be inducted in the current fiscal including a long-haul to fly overseas besides planning to get listed by 2009, its senior official said on Tuesday.
"We will invest $50 million to acquire aircraft within the next five years to expand our operations. Two aircraft will be inducted this fiscal, including a long haul Canadian Regional Jet to fly overseas and we expect its delivery in the next few months. We will induct two aircraft each fiscal," company's Chief Executive Officer Ashok Pratap Rai told media here.
Club One Air, is India's first aircraft fractional ownership' company, that commenced services in August 2005 and currently has six aircraft in its fold, of which is rented out to blue-chip companies as well as for medical emergencies. The company has more than 10 fractional owners for its aircraft and expects to have more by the year end.
He said the money needed to fund its acquisition plans would be raised as debts besides equity of the fractional owners and pointed out that his company would be eyeing a turnover of 50 crore in the current fiscal, which would be 12 crore more that the last fiscal.
12/06/07 PTI/Economic Times

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Categories: General Aviation Jun 2007, New Jun 2007