Mumbai-based Frankfinn Institute of Air Hostess Training is planning to start a low-cost airline, Air Frankfinn, with an estimated cost of Rs 1,500 crore (Rs 15 billion).
FrankFinn Aviation Services is the parent company of Frankfinn Institute. In addition to the institute, the company has two other divisions - Frankfinn Management Consultants and Frankfinn Music.
Confirming the development, FrankFinn Aviation Chairman K S Kohli said the company is in the process of applying for a licence. "We are expecting to launch Air Frankfinn by 2009. We are targeting trunk routes as well as other routes complying government guidelines," Kohli said.
Kohli pointed out the company is in talks with Boeing for acquiring two bigger aircraft.
"The idea is to have two big Boeing aircraft and four smaller aircraft. We have not yet decided on the smaller aircraft," he said.
He added that the funding will be met by contributions from promoters. "The funding will be 100 per cent promoters' equity. There are no plans go for public at least in the next two years," Kohli added.
Earlier, Frankfinn Institute had acquired an Airbus A-300, a popular mid-sized airliner, on lease for training cabin crew aspirants.
Kohli, a practising lawyer in the Delhi high court and Supreme Court, said the company wants to be among the top 10 in the music and aviation industries.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
