Sapphire plans cheap US-India airline

Delaware: USA-based Sapphire Airways is planning to start a low-fare airline that will offer flights between India and the US, becoming the first US low-fare carrier to fly to India.
The company is raising $100 million to set up the discount carrier, said chairman Rahul S Puranik in Mumbai.
The company would soon apply to the US department of transport and the federal aviation authority for license to start the carrier by October 2007, he said.
Sapphire wants to fly to India from the US’s East Coast with a fuel stop in Europe. The company is in talks with individual investors and has obtained commitments for about $45 million of the $100 million it requires, he said.
29/09/06 Bloomberg/Financial Express

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