Paramount close to Rs 4,000-cr fleet deal

Mumbai: Paramount Airways, the country’s only full business class airline, is close to signing contracts worth Rs 4,000 crore with Boeing and Airbus. It has decided to order 10 new fleet — A330 and A350 from Airbus, and B777 and B787 from Boeing — for its proposed overseas operations, a person close to the development said. He said Paramount will pay in instalment to take delivery of these aircraft within 18 months of placing orders.
When contacted, Paramount MD M Thiagarajan told ET: “I cannot reveal anything now, but we are finalising deals with two foreign aircraft makers for acquisition of fleet. We will make an announcement in a few weeks.” Mr Thiagarajan further said the airline would launch operations in South-East Asia, West Asia, the US and Europe. The existing regulations require an airline to complete five years in the domestic market to be eligible for launching international operations. Paramount has been running operations for the past four years.
Paramount Airways, which has been the only profit-making home-grown carrier, is the market leader in South India with a 26% share and reported a 45% increase in passenger traffic in January compared to last year. The carrier has a network of more than 20 destinations across the country. It operates 1,600 services every month, which will be scaled up to 2,200 by October. It has been hiring pilots, cabin crew, airport managers, in-flight supervisors and ground instructors.
30/04/09 Mithun Roy/Economic Times

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Categories: Paramount Airways Apr 2009