Dublin-based ASL Aviation Group has received regulatory approval to increase its shareholding in India’s Quikjet Cargo Airlines to 72.6%.
The Indian government’s Foreign Investment Promotion Board (FIPB) has approved the application for ASL to increase its 51% holding through a subsidiary, Farnair Switzerland.
The approval comes a few months before the planned start of B737 scheduled domestic cargo services in India.
The equity increase will take place in multiple stages involving a minimum total foreign direct investment of 14.4 crores ($2.25m).
ASL Aviation Group now comprises seven Air Operator Certificates in Europe, Asia and Africa. The group airlines are Air Contractors in Ireland, Europe Airpost in France, Farnair Switzerland, Farnair Hungary, the K-Mile joint venture in Thailand, Quikjet India and associate airline Safair, in South Africa.
In 2014, ASL recorded revenues of $361m and a net profit of $18.6m, with total assets exceeding $500m.
The ASL Group has a fleet of around 100 aircraft operating on five continents.
