The airline, which will start its operations on January 9 on three domestic routes, said it will determine ticket prices based on the demand-supply situation and will leverage IT and technology to keep the cost under control.
Vistara Chief Executive Officer Phee Teik Yeoh said, "We are hopeful that the '5x20 Rule' will go away shortly. If the Indian aviation industry has to be on the global map, this rule must go... The writing is on the wall."
On fares, he said pricing will depend on the demand, "but our focus will remain providing value for money to the passengers".
The New Delhi-based full service carrier, in which Tata Sons holds 51 per cent stake and Singapore Airlines remaining 49 per cent, will start operations on Delhi-Mumbai, Delhi- Ahmedabad and Ahmedabad-Mumbai routes.
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The airline plans to operate 87 flights in the first year with a fleet of five Airbus A320 aircraft, and then scale it up to 301 flights by the fourth year.
The airline is discussing such arrangements with other global carriers as well, he said.
Earlier, the airline unveiled its product, brand music, in-flight meal service and frequent flyer programme - Club Vistara. As part of its product offering the airline announced a series initiatives including multi-mode check-ins, meal services among others.
The airline will offer check-in facility through web, mobile, through cabin class-wise counters at the airport and even through roving agents at the airport. Return check-in are also available.