Indiabulls starts chartered airline service

Indiabulls Group, an emerging conglomerate with interests in financial services, realty and power, has expanded into the aviation space with the launch of its non-scheduled chartered airline service.

Airmid Aviation Services, an Indiabulls subsidiary, has been granted a non-scheduled air transport operating status, and it has already started operations, a senior group official told PTI.

Ajit Mittal, president (corporate affairs),  Indiabulls Financial Services (IBFSL), said the group is looking at the new business as a good source of additional revenue and profit. "It is too early to specify the exact size of revenue the business would generate," he added.

When asked whether the group would look into foraying into the full-fledged scheduled aviation business, Mittal said: "Nothing is on cards on that front as yet."

"We are looking at up to 700 hours of airtime every year for our non-scheduled air transport operations," he said, adding the group would use the helicopter services primarily for in-house purposes such as at its SEZs (special economic zones) and the surplus time would be utilised for chartered business.

Airmid's current fleet includes a 12-seater Challenger 604 luxury plane as well as a seven-seater Cessna Citation Bravo aircraft. For its chopper service, it has lined up an Eurocopter helicopter and another from Bombardier.

Airmid was granted non-scheduled operator permit on January 30, which is valid up to January 29, 2009, according to information available on the website of The Directorate General of Civil Aviation (DGCA).