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4-May-2010 11:00 AM

nasair seeks to raise funds and strategic investment from India

nasair parent, Nas Holding CCO, Maria Angelika Hanne, announced the company appointed JPMorgan Chase to advise on fund raising options for the LCC, including a possible strategic investment from India (The Economic Times, 03-May-2010). The carrier launched four times weekly Riyadh-Mumbai service in Apr-2010, with plans to launch three times weekly Riyadh-Kochi service from 01-Jun-2010, four times weekly Riyadh-Kozhikode service from 01-Jul-2010 and three times weekly Riyadh-Delhi service from 01-Aug-2010 – see Route Changes Table for more information. By 2011 the carrier plans to serve Chennai, Hyderabad, Lucknow and Trivandrum, as 30% of the Indian population in Saudi come from South India. nasair is targeting a 75% load factor on all Indian sectors.

Nas Holding:We have to create value for our investors, be it financial investors or strategic investors. We are going with an established product, we plan to create a hub in India for collecting passengers to Saudi Arabia and we are working on being a network carrier,” Maria Angelika Hanne, CCO. Source: The Economic Times, 03-May-2010.