- Raises $1.8b fund from UK-based investors to support and expand operations.
Delhi, September 4. Fly Bharathi Aviations and Aeronautics Pvt Ltd. is ready to kickstart its aviation journey in the Indian skies. It has already acquired a majority stake in an existing airline to start the operations. The company, promoted by Mr. 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.
Girish Shivshankar Pillai, Chairman, Fly Bharath, said that we are entering 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 offering in aviation sector.
The company has signed an MoU with UK- based SRAM and MRAM Group for an investments worth $1.8 billion. The fund will be utilised for the expansion of both domestic and international aviation business. The group will provide financial support and guidance on global businesses challenges and help the company achieve its long-term objectives.
Gurujee Kumaran Swami, Chairman, SRAM & MRAM Group, said that 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 Mr. Sher Khan has been appointed as the Group CEO of Fly Bharathi. He was a part of the senior management with Adani Airport Holdings Limited 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 new aviation player hopes to fill the talent gap in the aviation sector with the launch of training schools, which will not only cater to its own business, but those of other industry players, and provide the much- needed boost to the market.
