Chennai based Parmount Airlines is planning to acquire Chennai based Star Aviation. Star Aviation, part of Dubai based ETA Star Group got the operating licence in 2007, but is yet to take-off.
Established by Madurai based textile company, Paramount Airlines flies to 16 destinations in the country and offers business class services as prices comparable to the normal economy class fares of other airlines.
Earlier this year, Paramount was also looking to acquire a stake in Wadia Group promoted GoAir in a cash and equity deal, paying Rs 100-150 cr in cash and a stake of 7-8% in the Paramount Group to the Wadias.
Paramount, which started operating in October 2005, operates five planes — two Embraer 170 and three Embraer 175.It has also signed a $1.5 bn deal with Airbus to buy 20 aircrafts. It has ordered 10 A321-200 aircraft for short-haul international routes to be launched next year, when it completes the mandatory five year pre-requisite to fly abroad.
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