DUBAI – The UAE-based, ETA-Ascon, is in talks with jet manufacturers Embrayer, Bombardier and ATR for acquiring jets to start its new airline in India, a leading newspaper here has reported.
ETA-Ascon group, a major player in shipping, trading, construction, real estate and power sectors, has entered into aviation business with Star Aviation, a new leasing entity.
“We have started talking to Embrayer, Bombardier and ATR to acquire 70-90 seater regional jets for the new airline in India,” Syed M. Salahuddin, managing director of the $4.3 billion Emirates Trading Agency-Associated Construction (ETA-Ascon) group, was quoted as saying in Gulf News.
“We already have eight aircraft leased to different airlines and the portfolio size is worth $200 million,” Salahuddin said.
ETA-Ascon group has been investing in India heavily. “India provides the biggest opportunity for us and we see so much scope for growth,” he said.
The company is currently planning and developing two townships in India’s Bangalore and Chennai.
“However, investment in infrastructure could unlock opportunities in other areas. For example, we have recently started a cargo rail service (Railway Wagon) to move containers between Delhi and Bombay, which will expand to all other major Indian cities as the economy grows there.”