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Modiluft to resume operations in June

Modiluft Ltd has received the renewal of No Objection Certificate from the ministry of civil aviation to operate scheduled air transport services in the domestic sector, and the company is all set to re-launch domestic air operations from June 2000.

The company has also received permission to import Boeing 737-400 aircraft for the domestic services. The process of identifying and inducting suitable aircraft has already been initiated, the company stated in a press release.

The company further stated that it has received the necessary approvals from the ministry of commerce and industry -- department of industrial policy promotion, secretariat for industrial assistance for the foreign equity participation by means of issue of cumulative convertible or redeemable preference shares.

The revival plan envisages a funding requirement of US dollars 35 million for the induction of 12 to 18 aircraft over a period of two years. This entire funding has already been committed by means of a combination of debt equity, the release added.

UNI

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