Avicore plans cargo airline by mid-2008, to invest Rs400 crore

New Delhi: Logistics start-up Avicore Aviation Pvt. Ltd plans to invest $100 million, or about Rs400 crore, to launch a new cargo airline before mid-2008 from the country’s first dedicated cargo airport at Nagpur.
The start-up is backed by Indian and some US-based non-resident Indian businessmen through Avicore Llc.
The main Indian promoter is Abhay Lodha, managing director of Mumbai-based Topworth Group, which has interests in steel and power plants, along with Avicore Aviation chief executive Shankar Devarajan. Avicore is the third firm that has applied to the government for a licence to launch a cargo airline.
The firm is looking to lease or buy five Boeing Co.-made B737 aircraft. A B737 can carry about 15-17 tonnes of freight compared with long-haul B747’s 100-tonne capacity; the latter is widely used by international cargo carriers. The first of the aircraft will be converted to freighters from passenger jets.
03/10/07 Tarun Shukla/Livemint

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

Categories: Airports Oct 2007, Cargo Oct 2007, Foreign Oct 2007, New Oct 2007