Now, fly low-cost to the US.
Economic Times (New Delhi, India), February, 2007
Byline: Sunny Verma
Feb. 9--NEW DELHI -- Indians may soon be able to travel to the US at cheaper cost. Rahul Puranik, a US-based NRI, is planning to launch a low-fare airline company, Sapphire Airways, with an initial investment of about $130 million. The airline is likely to connect San Francisco, New York and Chicago to Delhi and Mumbai by early 2008.
"We are in the process of completing our manuals with the Federal Aviation Administration (FAA). We plan to start our India operations in the first quarter of 2008," chairman and promoter of Sapphire Airways, Rahul Puranik told ET from Atlanta. The airline's start-up capital will consist of 70 percent equity and 30 percent debt, he said. While Puranik is pumping in $30 million in the proposed venture,...
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