Fly Bharathi Aviations to raise funds, eyes stake in airlines
Fly Bharathi Aviations and Aeronautics Pvt Ltd, which was incorporated as a company last month, on Monday said it has signed a preliminary pact with UK-based SRAM and MRAM Group for investments worth USD 1.8 billion. In a statement, the company also claimed that it has acquired a majority stake in an existing airline, and was in talks to buy a majority stakes in one more Indian airline and two international airlines.
The company has already acquired a majority stake in an existing airline to start the operations, the statement claimed.
Specific details were not disclosed.
The company has signed a Memorandum of Understanding (MoU) with SRAM and MRAM Group for investments to the tune of USD 1.8 billion.
The funds will be utilised for the expansion of both domestic and international aviation business, the statement said. According to the release, the company is promoted by Girish Shivshankar Pillai.
Data available with the corporate affairs ministry showed that the company's date of incorporation is August 19, 2023.
