Air Pegasus set to fly again this July

Regional carrier Air Pegasus, which had ceased operations on July 26, 2016, would take off again after a year’s break, expecting to re-launch operations by the end of this month.

The carrier would commence operations with two ATR-72 turboprop aircraft, and expand the fleet size to four by end of December — all of which will be leased. The said planes will serve the airline’s existing destinations of Hubballi, Thiruvananthapuram, Kochi, Chennai, Madurai, and Mangaluru, besides Vijayawada, among others.

It must be noted that another regional carrier, Air Costa, ceased operations in February this year, leaving a vacuum of sorts in the regional market. “It is in this vacuum that we see an opportunity,” Air Pegasus Managing Director Shyson Thomas said.

Thomas explained that the airline had submitted its revival plan to the Directorate General of Civil Aviation (DGCA), which has further referred it to the Ministry of Civil Aviation. “The ministry has approved it, and is forwarding it back to the DGCA. Now, the DGCA is fast-processing our revival plan, which means that most-probably by July 31, we’re planning our return to the sky,” he told DH.

However, this is not the first time that Air Pegasus has attempted to revive itself. Last year, owing to certain financial difficulties, Air Pegasus had to halt operations. Later, it was reported that the airline would be commencing flights in March this year, after discussions with city-based startup airline Flyeasy, which had decided to take a majority 74% stake in the former through a strategic partnership.

It is now understood that with Flyeasy’s own financial situation under question, Air Pegasus would not be going for the said stake sale. However, four promoters of Flyeasy, in their individual capacity, are said to be interested in Air Pegasus, and would initially be investing around Rs 15 crore in the airline, besides an additional Rs 20 crore, over a six-month period. Percentage of share dilution in the airline though is yet to be worked out.

Meanwhile, Thomas would continue to hold the controlling stake in the airline which he founded, retaining the position of Managing Director.