Indian regional carrier Air Pegasus (Bengaluru International) had hoped to resume ops this week, but has had to put its restart on hold as new investor FlyEasy (Bengaluru International) is still carrying out due diligence, reports the Times of India.
Under the investment deal, Flyeasy took a 74% stake in Air Pegasus for a first phase investment of INR260 million (USD3.9 million) with a second phase due to be INR600 million (USD9 million). Rajesh Ebrahim, Managing Director of Flyeasy, said that strategic partnerships were the future of Indian aviation. "We intend to build a strong network with Flyeasy operating into long thin routes and Air Pegasus connecting to Tier II and III cities concentrating on the south initially," he said.
Air Pegasus ceased operations in July last year following cash flow constraints which prevented it from settling leasing fees with Elix Aviation Capital and Nordic Aviation Capital from which it had leased three ATR72-500s. It had hoped to resume ops in November 2016, but its Air Operator's Permit (AOP) was cancelled after the carrier failed to provide guarantees concerning its proposed resumption of operations.
Prior to the suspension of operations, Air Pegasus ran scheduled passenger flights throughout Southern India.
For its part, Flyeasy has applied to the Indian Ministry of Civil Aviation for a Pan-Indian Air Services Permit. It will presumably conduct flights using Air Pegasus's AOP, which can be reactivated.
