Himalaya Airlines to start int'l flights from October:
KATHMANDU, Aug 19: Himalaya Airlines, formerly Yeti Airlines International, is starting scheduled operation from October 28.
The airline is promoted by Yeti World Investment and HIF Aviation Investment Company from Nepal and Tibet Airlines from the People's Republic of China.
Prithivi Bahadur Pandè, chairman of HIF Aviation; Ang Tshiring Sherpa, chairman of Yeti World Investment; and Cheng Yiru, chairman of Tibet Airlines signed the joint venture agreement amid a function held in the capital on Tuesday.
HIF Aviation Investment is a company promoted by local entrepreneurs involved in finance, tourism and hydropower sectors. Similarly, Yeti World Investment is an affiliate of Yeti Airlines Group of Companies. Similarly, Tibet Airlines is jointly promoted by Air China and Tibet Provincial Government.
Speaking at the program, Suman Pandey, director of HIF Aviation Company, said the airline will be managed by an experienced management team comprising of Nepalis and foreign experts. 'The airline plans to operate on Asian routes in the initial phase with a fleet of 130-seater Airbus 319-100 series aircraft,' Pandey added.
According to Pandey, Tibet Airlines will hold 49 percent stake in the company while HIF Aviation Investment and Yeti World Investment will jointly own the remaining 51 percent.
Himalayan Airlines has permit to fly to 14 international destinations across the world. It will operate at least three aircraft in the first year. In the second year, it plans to expand the fleet to a minimum of five aircraft.
'We will start commercial operation with to Lhasa from October 28. Later, we will fly to other Chinese destinations and New Delhi,' Pandey said, adding that they have plan to start long-haul flights to sectors like the US and Australia after three years.
For long-haul flights, the airline plans to acquire Airbus 330 or Boeing 777.
The company aims to increase its total investment to more than $1 billion at the end of the fifth year.
'We strongly believe that an indigenous international airline will help to bring about exponential growth in air passenger traffic thereby making significant contribution to overall tourism and economic growth,' added Pandey.
Tibet Airlines will be providing all required technical, managerial and marketing support to make this joint venture a success, according to Pandey.
The company has claimed that this is the largest Foreign Direct Investment (FDI) in the aviation sector in Nepal, so far. ......
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