Air Deccan planning to raise USD 100 million for expansion

Air Deccan planning to raise USD 100 million for expansion

Indian airline company Air Deccan has revealed that they plan to raise 50 to 100 million USD within a month through private placement of equity to fund growth.

They would be using these funds to expand their aircraft fleet. The company is also planning to float two subsidiaries for chartered and cargo services.

Air Deccan Managing Director Capt G R Gopinath added that they are using the services of leading investment banker Edelweiss Capital to find a suitable investor in the company.

He said: “We want to continue to be in the expansion mode and our target is to enter the profit margin as early as possible.”

Air Deccan currently operates 43 aircraft comprising 19 Airbus A-320 and 24 ATR Turboprop. They have also already placed orders for acquisition of 80 more planes including 58 Airbus and 22 ATR in 80 months from now.