The UAE-based Emirates Trading Agency-Associated Constructions and Investments (ETA-Ascon) is reportedly in talks with jet manufacturers Embraer, Bombardier and ATR and plans to launch a new airline in India.
According to a report published in Gulf News, the $4.3 billion ETA-Ascon Group has entered into aviation business with Star Aviation, a new leasing entity and is acquiring 70 to 90-seater regional jets for the new airline in India.
India provides the biggest opportunity for us and we see so much scope for growth, Gulf News quoted Syed M. Salahuddin, managing director of ETA-Ascon group as saying.
We have already got the license to start the airline. We are preparing for commercial launch around October. It will be a regional airline, Salahuddin said.
The group, which has started a cargo rail service (Railway Wagon) to move containers between Delhi and Bombay, is also planning to develop two townships in Bangalore and Chennai.
Meanwhile, in a separate development, the Indian government has granted approval to two new start-up passenger and cargo airlines, Avicore Aviation and ZAV Airways.
While Avicore will be based out of Nagpur and will use B737s that can carry about 15-17 tons of freight, Kolkata-based ZAV is buying two Bombardier-made CRJ-900s and two ATR 72-500s as well as six helicopters for heli-taxi services.
Emirates Trading Agency-Associated Constructions and Investments (ETA-Ascon) Group is a multi-dimensional and diversified organization established in 1973 as a joint venture between Dubai's Al Ghurair Group and a group of non-resident Indians.
Over the years, the group has built an enviable reputation for quality, service and cost-effective technological capability and has a major business presence in shipping, trading, construction, real estate and power sectors. In recent years, the group has further diversified its portfolio by entering into hospitality, cement production, steel manufacturing, retail, jewelry and food services.