Farnair proposes to increase stake in Quikjet
MAY 28, 2015: ASL Aviation Group has announced that its shareholding in Bangalore based Quikjet Cargo Airlines through ASL subsidiary Farnair Switzerland AG is to increase to 72.59 percent. The Foreign Investment Promotion Board (FIPB), which is the relevant agency of the Government of India for all Foreign Direct Investments, has approved Farnair’s application to increase its shareholding. The approval has come just months before the planned start of B737 scheduled domestic cargo services. Through Farnair, ASL Aviation group had held a 50.93 percent shareholding in Quikjet and the approved increase to 72.59 percent will take place in multiple stages involving a minimum total foreign direct investment of 14.4 crores ( $2.25million.) Quikjet was launched as a merchant-carrier all-cargo-airline venture by AFL and FIIs including IL&FS, TATA Capital and IDFC in 2007 in response to an opportunity in the freighter airline space in the country. Based inEurope, Farnair now brings to Quikjet, strategic direction and operational expertise, honed over 25-years of international experience of having operated in diverse global markets. This adds to the local professional expertise and market knowledge that Quikjet can lay claim to from its pool of talented and experienced industry professionals with a combined experience of over 100-years. ASL Aviation Group now comprises 7 Air Operator Certificates (AOC’s) in Europe, Asia and Africa. The group airlines are Air Contractors, Ireland, Europe Airpost, France, Farnair Switzerland, Farnair Hungary, K-Mile Thailand (JV), Quikjet India (JV) and associate airline Safair, South Africa.