Financial Daily from THE HINDU group of publications
Wednesday, Mar 23, 2005
Financial Daily from THE HINDU group of publications Wednesday, Mar 23, 2005 |
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Logistics
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Airlines Crescent Air plans cargo services from April Our Bureau
Capt. Deepak Parasuraman, Managing Director, Crescent Air Cargo Services, at a press conference in Chennai on Tuesday. — Bijoy Ghosh
Chennai , March 22 CRESCENT Air Cargo plans to launch dedicated domestic freighter services to Maldives and Sri Lanka from April-end. Captain Deepak Parasuraman, promoter and Managing Director, Crescent Air Cargo, said that in the first phase the flights would operate on the Chennai-Bangalore-Mumbai-Bangalore-Chennai sector, the Chennai-Hyderabad-Chennai sector and the Chennai-Colombo and the Chennai-Male sectors. The company has invested Rs 20 crore in the project and has purchased outright three Fokker F50 aircraft. The company will acquire two more Fokkers by July. Each aircraft has a capacity of 7 tonnes, he said. Next year, the company plans to bring in wide-bodied jets to operate services to China and West Asia. Going forward the company plans to raise funds from private placements and may even go in for an initial public offering, he said. He said that the company decided to enter the business after PricewaterhouseCoopers and KPMG validated the company's basic research on the viability of the domestic air cargo business. With the industry growing at a rate of 30 per cent, the potential for air cargo within the country has grown tremendously, he said. It plans to operate domestic cargo services between metros during the night and the international sectors during the day. The demand for domestic air cargo comes mainly from high value cargo such as gem and jewellery, watches, pharmaceutical products, perishables and machinery. The growth of air cargo has coincided with more companies going in for third party logistics and just-in-time inventory management, he said. On the international sectors, he said that the shippers could also connect international markets through Colombo. The company has tied up with Malaysia Airlines for pilot training and flight operations and with Fokker Services Asia, Singapore, for engineering support.
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