Saudi’s low-cost carrier looks to India for funds

Mumabi: Nas Holding, which runs the low-fare aviation service Nasair from Saudi Arabia, is seeking strategic investments from Indian carriers, said a top executive.
JPMorgan Chase is advising the company on fund raising, which includes an initial public offering of Nas Holding, said Maria Angelika Hanne, chief commercial officer. Some investors are interested, she said.
“We have to create value for our investors, be it financial investors or strategic investors ,” said Hanne. “We are going with an established product, we plan to create a hub in India for collecting passengers to Saudi Arabia and we are working on being a network carrier.”
Nasair launched its service from Mumbai to Riyadh and Jeddah about a month ago. It runs four flights a week out of Mumbai as it aims to benefit from 1.8 millions who live in the oil-rich nation . It would expand services to other cities such as Kochi, Kozhikode and New Delhi. By 2011 Chennai, Hyderabad, Lucknow and Trivandrum would also be served with a focus on South India, since 30% of the Indian population in Saudi come from South.
03/05/10 Manisha Singhal/Economic Times

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Categories: Foreign May 2010, Low Cost General May 2010