The Hindu : Business : Paramount Airways looking at acquisition

Online edition of India's National Newspaper
Wednesday, Jun 06, 2007
ePaper

Business

Business

Paramount Airways looking at acquisition

Special Correspondent

NEW DELHI: With just 18 months of operations in the Southern region, Paramount Airways is looking Westwards. The private domestic carrier, promoted by Madurai-based Paramount group, plans to acquire another carrier to consolidate its position in the aviation sector.

Talking to reporters here on Tuesday, Paramount Airways Managing Director, M. Thiagarajan, said his airline was looking for full-fledged acquisition of another airline to start operations in the Western region. He refused to say if negotiations were on with GoAir, promoted by the Wadias, for buying it out. "I do not want a dialogue through the media. Paramount is looking for acquiring an airline as it will give us access to infrastructure, parking bays, ground facilities, airport counters and other facilities and help us consolidate our position," he added. Mr. Thiagarajan who called on the visiting Brazilian President, Luiz Inacio Lula Da Silva, said Brazil had agreed to cooperate in setting up a maintenance, repair and overhaul (MRO) facility in India for Paramount's Brazil-built Embraer fleet. As a first step, the Brazilian government would help in setting up a facility for training pilots on a simulator for Embraer passenger aircraft.

With 15 Embraer jets already in its fleet, Paramount has ambitious plans to acquire another 40 jets in a phased manner at a total cost of about $2 billion. "We plan to have a national footprint by 2011 after our fleet acquisition plan gets completed," Mr. Thiagarajan said. Paramount started 10 new services in January this year, increasing its daily flights to 42 across six destinations.

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section