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Paramount Airways reportedly abandoned plans of acquiring an Indian LCC and instead plans to concentrate on the induction of widebody aircraft and expand into international markets.
According to Managing Director, Mr Thiagarajan, Paramount's plans to acquire a strategic stake in another carrier have been shelved as the business model of running an LCC and the one followed by Paramount were “diametrically opposite.”
Mr Thiagarajan added, “there is no need to acquire another airline, as work on development of Delhi and Mumbai airports are on going at a fast pace. Besides, the airline’s plans for going international are taking shape and an announcement on the widebody aircraft that we will induct is to be made in the next ten days”.
At the Singapore Air Show last week, Paramount confirmed plans to order ten widebody aircraft, and is considering A330, A350, B777 and B787 equipment, with a decision expected to be announced in early Mar-08. To fund the aircraft acquisition, the carrier is in negotiations to source funding with overseas credit agencies, and additionally plans to raise USD350 million over the next fiscal year in domestic and global markets.
Meanwhile, the carrier, which commenced operations in 2005, will be eligible to launch international operations in 2010. (c) Centre for Asia Pacific Aviation. Date posted: 28-Feb-08. |
Paramount abandons plans to acquire an LCC, considers widebody fleet order 
