Private Equity Fund Investments
Flybig looking to attract new investor
Regional airline Flybig hopes to onboard a new investor soon to raise INR 1 billion rupee as it struggles to stay afloat six months after it was launched. The carrier had deferred salary payments and the induction of more aircraft, while several executives have left. The aircraft is currently flying city-pair routes between Kolkata Int'l and Guwahati, Agartala and Dibrugarh, Pasighat and Guwahati, and Agartala and Guwahati. Flybig was launched in January after it lost out on a bid to acquire Jet Airways (JAI, Mumbai Int'l) under that airline's insolvency process. At the time of the launch, Mandavia had planned to induct at least five aircraft this year for services under the UDAN scheme
Want to receive such news items in your inbox? Click Here to sign up for a trial.
