Fly Bharathi raises $1.8 billion from UK-based investors

Fly Bharathi Aviation and Aeronautics, on Monday, signed Memorandum of Understanding (MoU) with UK-based SRAM and MRAM Group for an investment worth $1.8 billion. 

The fund will be used for the expansion of both domestic and international aviation businesses, the company said in a statement.

The group will further provide financial support and guidance on global business challenges and help the company achieve its long-term objectives.

Aviation industry veteran Sher Khan has been appointed as the Group CEO of Fly Bharathi, the company added. Prior to the current role, Khan served at Adani Airport Holdings Limited. 

Meanwhile, Fly Bharathi is set to begin its aviation journey as the company has already acquired a majority stake in an existing airline to commence the operations. 

The company, promoted by Girish Shivshankar Pillai, a businessman, will also focus on airport operations, maintenance, repair and overhaul (MRO) of airlines, cargo, and flight training apart from domestic flight operations.

Additionally, the aviation company is in talks to acquire majority stakes in one more Indian airline and two international airlines.

Girish Shivshankar Pillai, Chairman, Fly Bharath said, “We are entering the Indian aviation market at a critical juncture when the industry is growing with infrastructure development support from government and evolving consumer preference towards air travel. We see ourselves as playing a critical role in India’s aviation journey with our focus on comprehensive offerings in the aviation sector.”

SRAM & MRAM Group is headquartered in the United Kingdom, with offices in Malaysia, Cambodia, Indonesia, Bahrain, India and Bangladesh.