ASL Aviation Group has announced that its shareholding in Bangalore-based Quikjet Cargo Airlines through ASL subsidiary Farnair Switzerland AG is to increase to 72.59 per cent after being given the green light by India’s Foreign Investment Promotion Board (FIPB). The approval has come just months before the planned start of B737 scheduled domestic cargo services.

Through Farnair, ASL Aviation group had held a 50.93 per cent shareholding in Quikjet and the approved increase to 72.59 per cent will take place in multiple stages involving a minimum total foreign direct investment of US$2.25 million.

ASL Aviation Group now comprises seven AOCs in Europe, Asia and Africa.

The group airlines are Air Contractors, Ireland, Europe Airpost, France, Farnair Switzerland, Farnair Hungary, K-Mile Thailand (JV), Quikjet India (JV) and associate airline Safair, South Africa.