Chennai: Paramount Airways on Thursday ruled out its merger with any other airline in India, saying they were a profit making organisation and were looking at acquisitions.
“We are making profits. We are looking at acquisitions. Why should be merge with any other airline?,” its Managing Director M Thiagarajan told a press conference here.
He said some low cost airlines had approached Paramount for taking over their airlines. However the airline had declined all such offers as its business model was not suitable for running such airlines, he said.
He said Paramount would start operations in the Western sector from June or July 2008. The first base in Western India would be Pune and Goa and later operations would start from Ahmedabad, Baroda and Mumbai.
“Operations in the North and North-eastern sector will be started by 2010 and the maiden international flight will be in 2011,” he said.
Paramount would acquire two more aircraft by May next, he said, adding that the present fleet strength of five would be increased to 40 by 2010.
As a profitable private limited company, his company would depend on accrual of funds to fund its expansion plan, he said
Thiagarajan said his company had recently received the ‘The Century International Quality Era Award at an international quality convention in Geneva.