Bangalore: An alumnus of IIT Delhi is preparing to launch a regional air services in June, the second entrepreneur to do so this year in an industry that is struggling for survival because of high operating costs.
Umesh Kumar Baveja, who was previously vice-chairman at Cairn Energy, is in talks with private equity players to raise around Rs 100 crore for the new venture, called Rahi Air.
The launch of the air services will coincide with the opening of an airport in Gulbarga town in northern Karnataka, which is being built by Baveja's firm Regional Airport Holdings International, a joint venture between IL&FS Transportation Networks and Comet Infra-Developments.
26/04/12 Economic Times
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