Air Costa in funding talks ahead of pan-India ops

 Regional carrier Air Costa, which is awaiting aviation regulator’s nod to fly pan-India, is in talks with various investors for raising funds.

Air Costa also plans to lease six more Embraer aircraft by the next calendar year as the airline looks at enhanced operations once it receives national operator’s permit, a senior airline official said.

“We have been looking to raise funds and have been approached by several investors with their proposals. We are in talks with them at different levels. It would take a while before we decide about our investment partner,” the official said.

Refusing to name “interested parties,” who were in talks with the airline, the official said both domestic and overseas investors have evinced interest in funding Air Costa.

“We are open to both strategic investors and private equity players as far as funding is concerned,” he said without divulging quantum of funds Air Costa was looking at.

He said the airliner expects to acquire pan-India operations permit from the aviation regulator Directorate General of Civil Aviation next month.

Currently, Air Costa offers 32 flights per day to nine destinations including Hyderabad, Chennai, Bengaluru, Coimbatore and Ahmedabad.
PTI