Fly Bharathi Aviation and Aeronautics is ready to start its aviation journey in the Indian skies by acquiring a majority stake in an existing airline. The company, promoted by Girish Shivshankar Pillai, a businessman and social activist, will also focus on airport operations, maintenance, repair and overhaul (MRO) of airlines, cargo and flight training apart from domestic flight operations.
“Fly Bharathi is in talks to acquire majority stakes in one more Indian airline and two international airlines,” says an official release.
Girish Shivshankar Pillai, Chairman, Fly Bharathi says, “We are entering the Indian aviation market at a critical juncture when the industry is growing with infrastructure development support from government and evolving consumer preference towards air travel. We see ourselves as playing a critical role in India’s aviation journey with our focus on comprehensive offerings in the aviation sector.”
The company has signed a memorandum of understanding (MoU) with UK- based SRAM and MRAM Group for an investment of $1.8 billion. The fund will be utilised for the expansion of both domestic and international aviation business.
Gurujee Kumaran Swami, Vice Chairman, SRAM & MRAM Group says, “India is the world’s third-largest domestic air passenger market.
The country is at an inflection point for both domestic and international aviation and could emerge as the top aviation market globally by the turn of the decade.”
SRAM & MRAM Group, headquartered in the United Kingdom, with offices in Malaysia, Cambodia, Indonesia, Bahrain, India and Bangladesh, has a successful track record of backing high potential technology and infrastructure companies globally.
Aviation industry veteran Sher Khan has been appointed as the Group CEO of Fly Bharathi. He was a part of the senior management with Adani Airport Holdings before joining Fly Bharathi. A number of aviation industry experts and veterans have also joined the organisation and some more are expected to come onboard soon, the release added.