Goair likely to announce dilution of Equity

Hyderabad, Apr 24 (UNI) Low Cost Carrier GoAir, a 100 per cent holding company of the Wadia Group, is likely to decide over the ''next two to three months'' the mode to dilute its equity to fund its proposed 1.6 billion dollar acquisition plan to increase its ''Airbus family'' fleet to 33 by 2008.

Currently with four Airbus aircrafts, the company plans to add another four by December 2006 as it is looking to break-even by the end of the current financial year, GoAir Managing Director Jeh Wadia told reporters here.

It will scale up its fleet to 18 by December 2007 ahead of acquiring 33 variants of Airbus aircrafts by December 2008 in the wake of the agreement signed last month at Singapore Airshow placing orders for 20 planes - 10 of which are confirmed---to cope with plans to lure ''train passengers to fly'', he said.

Over the next few months, the Low Cost Carrier (LCC) will locate its third base somewhere in the Northernregion after its existing bases at Mumbai and Chennai overseeing its 28 daily flights to 13 cities including Delhi. It will announce its plans to connect Hyderabad over the next few months with other metro and non-metro cities.

It will over the next one month, announce new schemes to ''improve'' upon the current 10,000 ''free'' tickets ''it gives every month''.

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