Air Sahara is looking for potential business associates
Private carrier Air Sahara has announced that they are looking for potential business partners and associates to expand even further in the growing Indian aviation market. They are looking for ways to raise resources to fund its growth plans. However, they have denied the market rumors that they have sold 76 per cent of its equity to SpiceJet.
Air Sahara President Rono Dutta said in a statement: “We are interested in raising money to fund our expansion plans but the reports that we have sold 76 per cent equity to SpiceJet are absolutely untrue.â€ The company has also appointed Ernst and Young as its advisor for business plan validation, valuation, and fund mobilization.
This firm has put the value of the company at between 750 million and one billion US dollars as against market estimation at USD 300 million. Dutta also said that they have acquired seven landing slots a week at London Heathrow and would launch non-stop daily flights between Delhi and Chicago from November this year. For this, they have signed an agreement with the American Airlines.
Air Sahara currently has a fleet of 26 leased aircraft and they fly to 25 destinations and offer 123 flights a day across the country.