Air Pegasus (Bengaluru International) Managing Director, Shyson Thomas, says talks are currently ongoing with an undisclosed Singaporean private-equity fund over the possible sale of a 30% stake in the struggling airline.
In an interview with The Economic Times, Thomas said he still expects the carrier, which is owned by Bangalore-based ground-handling services firm Decor Aviation, to resume operations in the coming weeks.
Talks with lessors Elix Aviation Capital and Nordic Aviation Capital have been on-going since the pair attempted to de-register their respective ATR72-500s after Air Pegasus failed to settle its leasing dues last month.
Grounded and unable to operate, Air Pegasus management have submitted a proposal to the two firms wherein they have pledged to pay off its dues with a 50% down payment with the remaining 50% to be paid off in monthly installments. The plan is currently under consideration.
Given its inactivity, the Indian Directorate General of Civil Aviation (DGCA) has set a September 1 deadline for Air Pegasus to resume commercial operations following which it risks regulatory sanctions.
Reports in other Indian papers, such as The Hindu, suggest Air Pegasus has also been courted by an undisclosed Southeast Asian carrier.
Air Pegasus operates three ATR72-500s on scheduled passenger flights throughout Southern India.
