Deccan Chronicle Holdings today announced that Flyington Freighters, a group company, will start cargo freight operations from July this year.The Reddy family-promoted company will invest $1 billion in the venture."We will be investing $1 billion in the venture, which will be India's first dedicated international freighter air-service," Deccan Chronicle Holdings chairman T Venkatram Reddy said.Headquartered in Hyderabad, the service will fly international routes, he added.Flyington has already placed orders for six A-330-200 F aircraft with Airbus and deliveries will commence from July 2009, Reddy said.In the interim, Flyington will operate on leased aircaft provided by Airbus.The initial investment in the venture will be from internal accruals "but at a later date, we may consider tapping the capital market," Reddy said.BS Reported It First: Flyington may place $1bn freighter order
