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Our Bureau

Plans to go public to fund the purchase

Chennai , Sept. 26

Global Vectra Helicorp Ltd, a provider of offshore helicopter services to oil companies, will buy six new helicopters by March 2007 as part of a plan to expand its fleet size to 29 helicopters by 2009, according to Mr Siddharth Prakash Verma, Director-Business Development, Global Vectra Helicorp Ltd.

The company now owns three helicopters and has leased 11; these are used for medium-range operations extending over 50-100 nautical miles. The company will buy four Bell 412 (medium range) and two EC 155B1 (long range) helicopters, he said.

It has entered into an agreement with Bell Helicopter Finance Group, a division of Cessna Finance Corporation, to fund about Rs 110 crore for the four Bell helicopters. Another Rs 55 crore would be borrowed from ICICI Bank UK Ltd. The company is also going public to fund the purchase of the helicopters, said Mr Verma.

South India operations

The company is expecting demand from the Krishna Godavari basin and will deploy the six new helicopters in South Indian operations. At present two helicopters each operate from Rajahmundry and Vishakhapatnam.

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