Planned Indian start-up Royal Airways, the successor to ModiLuft, which ceased operations in 1996, is looking to launch in mid-January, providing it can raise $35 million.
The carrier, owned by the Modi Group, has received approval in principle for a relaunch from the Indian Government on condition that it raises funds and clears debts associated with ModiLuft.
Chief executive Rex Lezard says the airline will "stick to the target" of a mid-January launch, although previous targets have slipped. A business plan commissioned from British Airways consultancy Speedwings three years ago, and revised in August, shows the Indian domestic market is ready for another player.
A controlling stake in Royal Airways will be held by a US investment group via Royal Holding Services. Lezard says this has raised $18.5 million.
Source: Flight International
