Financial Daily from THE HINDU group of publications
Thursday, Sep 29, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 29, 2005 |
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Airlines Air Sahara appoints Ernst & Young as advisor Our Bureau
New Delhi , Sept. 28 THE private sector airline Air Sahara on Wednesday said it was exploring opportunities for additional investment to fund its expansion plans. In a statement, the airline said that it has appointed Ernst & Young as advisor for business plan validation, valuation and fund mobilisation through strategic partners for private equity placement. "We confirm our willingness to look at alliances and partnerships that could contribute to our own expansion and growth plans, but nothing has been finalised as yet. Initial estimates by Ernst & Young have put our enterprise value between $750 million and $1 billion and not the meagre $300 million" the airline President, Mr Rono Dutta, said. The airline currently operates with a fleet of 26 leased aircraft to 25 destinations offering 123 flights-a-day which it hopes to increase to 140 flights-a-day by November this year.
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