Indian skies will soon see yet another new airliner vying for a share in the growing passenger market.
Air Dravida, with an initial investment of Rs 110 crore (Rs 1.1 billion), would start three flights in Chennai-Madurai sector from July end, its Executive Director Ramachandran Iyer told newspersons in Chennai on Thursday.
He said while Rs 40 crore (Rs 400 million) of the initial investment would be infused by the company promoters, the remaining Rs 70 crore (Rs 700 million) would be raised through debts and private equity routes.
The airliner, a division of Premier Tours and Travels (Chennai) Pvt Ltd, would add two more flights to expand its service in South India within two months of its operations.
Iyer said the company would start its operations with 50 seater Bombardier aircraft and the tickets would not be very cheap.
"We are here to offer quality service to the customers. Our ticket pricing and route strategy will enable us to break-even within nine months of operation," he added.