Private carrier Air Sahara is likely to soon shortlist two or three most attractive offers it has received on equity participation to raise $100 million for their expansion plans.
"We are considering all offers at present. Our plan is to work with private equity participation, but at this moment we are considering all offers we have received, including those from some airlines", Air Sahara president Ronojoy Dutta said.
He said the company had employed US consultancy firm, Seabury Group, to vet its expansion plans in the next five years till 2010.
Following its report and the valuation of the Air Sahara by Ernst & Young between 750 million to $1 billion, the airline had
planned to raise 100 million as equity to purchase 15-20 narrow-bodied aircraft and lease wide-bodied
ones for international operations, Dutta said.
To questions on its plans on raising equity, he said Air Sahara had received offers from eight private Indian and foreign finance companies, besides "some airlines", and "due diligence process is going on now."
"We are going to shortlist two or three most attractive offers and the process is likely to be completed in the next three weeks", the Air Sahara chief said.