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.
The Foreign Investment Promotion Board (FIPB), which is the relevant agency of the Government of India for all Foreign Direct Investments, has approved Farnair’s application to increase its shareholding. 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 14.4 crores ( US$2.25 million.)
Quikjet was launched as a merchant-carrier all-cargo-airline venture by AFL and FIIs including IL&FS, TATA Capital and IDFC in 2007 in response to an opportunity in the freighter airline space in the country.
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.