Monday, January 09, 2023

Convergent Finance, Manoj Chacko to launch new regional airline Fly91

Convergent Finance LLP (Convergent), in collaboration with Manoj Chacko (WNS Global Services), will soon launch ‘Fly91’, a pure-play domestic regional airline. The initial investment into the venture will be ₹200 crore.

Harsha Raghavan, Managing Partner at Convergent Finance, will be Fly91’s Chairman and Chacko will be the airline’s Chief Executive Officer.

Chacko has over three decades of experience spanning the airline, travel, and allied industries. He has held executive positions at several companies, including WNS Global Services, SOTC Travel, Kingfisher Airlines, and Emirates Airlines.

During his stint at Kingfisher, he helped the airline become India’s second-largest airline by market share by building out a strong pan-India network and enhancing connectivity into regional markets in Tier-II & III cities. Other members of the management team have experience at various aviation companies including Jet Airways, Gulf Air, SpiceJet, Air Asia, and Vistara, a press statement from Convergent Finance LLP said.

Fly91 will operate in the short-haul segment, in which flights last between 45 and 90 minutes. The airline will serve India’s regional airports, from where about 30% of India’s domestic passengers originate. This segment has so far been underserved by existing airlines.

Fly91 said it will start operations from Goa, its first base, and will aim to connect underserved airports in line with the Government of India’s Regional Connectivity Scheme.

The company that owns Fly91, Just UDO Aviation Private Limited, has applied for a ‘No Objection Certificate’ and for requisite security clearances from the Ministry of Civil Aviation. Fly91 aims to begin operations by December 2023.

Chacko said, “We are delighted to have Convergent as a co-founding partner as Fly91 begins its journey. Harsha and the Convergent team’s operational expertise and deep networks will be invaluable as we build Fly91 to be India’s leading pure-play regional airline.”

09/01/23 Federal

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