Australian venture capitalist Integrated Airline Solutions (IAS) has begun due diligence on Italy's AzzurraAir in the hope that it can acquire the regional carrier and transform it into a low-fare operator. IAS director Angus Clarke says talks are at a preliminary stage. "We have just had the first look at the numbers. The vision is really to grow it - to put in equity and make it a real low-cost competitor to Alitalia." AzzurraAir operates seven BAE Systems Avro RJ70/85s and five Boeing 737-700s, some on services for Alitalia. IAS would dispose of the regional jets and operate only 737s. The Bergamo-based carrier is 49%-owned by Air Malta. Clarke says the existing owners want to sell out, and AzzurraAir is in need of a capital injection. IAS earlier attempted to take over ailing Greek carrier Olympic Airways, but funding issues led to the bid's collapse.
Source: Flight International
