Bengaluru-based regional airline Flyeasy has signed a pact to purchase an up to 74% stake in its peer, grounded carrier Air Pegasus, in the first sign of consolidation in the regional space.
Air Pegasus’ founder Shyson Thomas will hold the rest.
Air Pegasus in a press release said this will help the carrier to restart operations from March 1.
“The first phase investment is Rs 26 crore out of which Rs 13 crore will be for capital and Rs 14 crore for restructuring the airline’s debts. The second phase will be to the tune of Rs 60 crore for expansion. That will be a combination of equity and debt,” Rajesh Ebrahim, group CEO of the airline told ET. Read More…