Online edition of India's National Newspaper
Saturday, Nov 26, 2005
Online edition of India's National Newspaper Saturday, Nov 26, 2005 |
|
|
|
|
|
|
| Business |
|
News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
Advts: Classifieds | Employment | Obituary |
Business
Special Correspondent
CHENNAI: Kotak India Growth Fund (KIGF), a private equity fund, has picked up a 10 per stake in the nascent domestic private carrier Paramount Airways. The deal size is worth $15 million. According to highly placed sources, the money had since been transferred to Paramount Airways. Sources said that KIGF was issued fresh shares at an undisclosed premium. Paramount Airways was reportedly valued at $150 million. The induction of a private equity fund was more for strategic reasons, it was pointed out. The domestic carrier is also looking at the option of raising further funds as it spreads its wings. Currently, the airline is operating a total of eight flights daily from Coimbatore to Kochi, New Delhi and Chennai. The promoters have invested Rs. 600 crore for acquiring five Brazilian-made Embraer Jets (70-seater), of which one has already been taken delivery of. The second one would be inducted into the fleet by December. Paramount Airways is an outfit belonging to a textile group in Madurai. The Managing Director of the company is M. Thiagarajan, grandson of Karumuthu Thiagarajan.
Printer friendly
page
News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
|
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu
|
