The company, promoted by Nira Radia and Karuna Menon, has already received Foreign Investment Promotion Board clearance.
The promoters said they have had extensive experience of over three decades in the aviation sector.
The company will raise Rs 22 crore as debt from public financial institutions.
The balance Rs 111.39 crore will constitute the equity base with the foreign stake pegged at 40 per cent. Thus the promoters will hold equity worth Rs 66.83 crore as non-resident Indian individual holding/ overseas commercial borrowing.
This NRI/OCB equity will be on a repatriable basis. Another Rs 44.55 crore will come from the foreign strategic investors.
The airlines
