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Dynamic growth continues in India
According to a Reuters report, the phenomenal growth in the Indian Aviation and Tourism industries is expected to continue unabated with Air Deccan, India’s first low-cost carrier, soon to make an initial public offering to fund expansion plans and tap growth in a soaring market.
“The plans include setting up a training center, a hangar facility and creating infrastructure,” Deccan Aviation, the owner of Air Deccan, said in a statement late on Friday. “The issue will constitute 25 percent of the fully diluted post issue capital.”
It gave no other details on timing and pricing of the offering of 24.546 million shares, but said the price discovery would be through book building route. Late last year, the carrier had said it plans to raise $250 million through a public offer.
Air Deccan, which began services in August 2003 with a single turboprop aircraft, has a fleet of 23 planes and has carried more than 2.7 million passengers.
In December, it placed an order for 30 Airbus A320s at a list price of USD$1.5 billion.
Graham Muldoon
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