Fly Bharathi Aviations and Aeronautics (FBAA) is looking to debut in the Indian aviation market. The company has already acquired a majority stake in an existing airline to begin its India operations and will also focus on airport operations, maintenance, repair and overhaul (MRO) of airlines, cargo, and flight training apart from domestic flight operations.
Chennai-based Fly Bharathi, which has raised $1.8b from UK-based investors to support and expand its operations in India, is also in talks to acquire majority stakes in one more Indian airline and two international airlines.
FBAA promoter and Chairman Girish Shivshankar Pillai said the company was entering the Indian aviation market at a critical juncture when the industry is growing with infrastructure development support from the Government and evolving consumer preference towards air travel.
The company has recruited Sher Khan as Group CEO, formerly a part of the senior management with Adani Airport Holdings Limited.
FBAA has signed an MoU with UK-based SRAM and MRAM Group for an investment worth $1.8 billion. The fund will be utilised to expand both domestic and international aviation business.
Gurujee Kumaran Swami, Chairman, SRAM & MRAM Group, said that India was at an inflection point for domestic and international aviation and could emerge as the top global aviation market by the turn of the decade. SRAM & MRAM Group, headquartered in the UK, has offices in Malaysia, Cambodia, Indonesia, Bahrain, India and Bangladesh.