East West Airlines plans to list soon

After staying out of the capital market for nearly five years, East West Airlines is slated to be listed on the stock exchanges soon.

Speaking on the sidelines of the Aviation and Tourism Investors Summit for India and the Middle East in the city, Faisal Wahid, managing director, East West Airlines, said: "We plan to list before we launch our flight operations in December."

The company is looking to raise capital for its second coming. Wahid said it is talking to a couple of strategic investors who have evinced interest in funding the defunct airline. However, it is not looking at raising money overseas.

The company's announcement comes at a time when several low-cost carriers have expressed their willingness to get listed on the stock exchanges.

While SpiceJet is already listed, Air Deccan and Kingfisher Airline are planning initial public offerings (IPOs). East West Airlines is in talks to Airbus and Boeing for leasing aircraft. Wahid said although he would prefer a Boeing 737, he is aware that Airbus is offering better deals.

He said the company was planning to invite all its former employees. It has applied for licence to operate nationally and after one year may start flying in the international routes as well.

East West had started operations in 1993. In 1996, its MD Takiyuddin Waheed was shot dead in Mumbai, raising questions on the company's finances. The company got delisted in 1999-2000.