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Paramount eyeing stakes in other airlines

Paramount Airways aims at acquiring stakes in other airlines as part of its plans for a pan-India presence by 2011.

india Updated: May 15, 2007 11:51 IST

PTI
Hindustantimes
         

Paramount Airways aims at acquiring stakes in other airlines as part of its plans for a pan-India presence by 2011, according to its top official.

"If an opportunity comes up, Paramount is open to acquire stake in other airlines, provided the synergies and pricing factors are right," M Thiagarajan, managing director of the Madurai-based private airline, said.

"Our vision is to become the most preferred airline in the country by 2011," he said, adding the company has laid out a well-planned growth strategy for this.

"We have now clearly established a leadership role in the South with 26 per cent market share with a fleet of five aircraft and 1,600 flights every month," he said.

Paramount would move into other markets after further consolidating its position in the South. "We will add to the fleet as we expand into the Western markets by 2008," Thiagarajan said.

Paramount had placed orders for 15 Brazian-made Embraer aircraft and five of these are already in operation. "The rest are expected in the next three years in a staggered manner," he said.

The airline plans to fund the aircraft, which requires an investment of about USD 600 million, internally.

First Published: May 15, 2007 11:15 IST