Financial Daily from THE HINDU group of publications
Friday, Aug 19, 2005
Financial Daily from THE HINDU group of publications Friday, Aug 19, 2005 |
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Airlines IndiGo gets in-principle nod for aircraft import Ashwini Phadnis
New Delhi , Aug. 18 THE Government has given `in-principle' approval to the new low-cost airline, IndiGo, to import 100 aircraft. Official sources told Business Line that while the permission would help the airline tie up funding for the acquisition, it would still need permission from the authorities when the aircraft are actually imported. "The in-principle approval would help the airline approach the Reserve Bank of India for permission to tie up funding for the acquisition. "However, the airline will still need approval of the Directorate General of Civil Aviation (DGCA), including details of where the aircraft will be parked at the time of actually importing them," a senior Government official said. IndiGo's proposal was cleared at today's meeting of the Aircraft Acquisition Committee. The move comes close on the heels of the Government's recent clearance for the mega acquisition projects of several domestic airlines, including Air Deccan's plans to import more than 60 aircraft and Jet Airways, more than 10 aircraft. IndiGo had announced its intention to acquire 100 Airbus aircraft at the recently concluded Paris air-show. The airline, which is jointly promoted by InterGlobe and Mr Rakesh Gangwal, who has more than two decades of experience with various airlines including US Air, hopes to take to the skies late this year or early next year. The airline has already acquired three parking bays for its aircraft in Mumbai and Delhi, and is attempting to acquire some more. The airline plans 63 departures a day during the first phase of its launch. It has already announced that it would follow a low-cost model although its fares have not been made public yet. During the launch, officials said the airline had identified the sectors on which it will operate and tickets will be available from the day the plans are filed with the DGCA.
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