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nasair seeks to raise funds and strategic investment from India

4-May-2010 11:00 AM

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.