Paramount buys Embraer planes for Rs 620 cr
TIMES NEWS NETWORK[ WEDNESDAY, JUNE 15, 2005 02:23:00 AM]
MUMBAI: In a surprise development at the Paris air show on Tuesday,
Coimbatore-based
start-up airline, Paramount Airways, signed up with Brazilian aircraft
manufacturer
Embraer to buy five Emb 170/175 aircraft, in a deal valued at $138m (Rs 620
crore).
In an interesting deviation from the low-cost model that most airlines are
following, the airline will have no economy class seating. It will offer an
all-business class service on the first two Embraer 170 aircraft and a first and
business class on the next three Embraer 175s. The premium seats will be
priced at
lower than existing business class seats, airline sources said.
Paramount MD M Thiagarajan said the airline will offer direct services to
secondary
cities in India and connect primary metros. It will focus on providing the
business
traveller with an aircraft that offers cabin amenities such as wider aisles and
seats, greater baggage stowage and overhead bins and full-service galleys while
maintaining smaller jet economies.
The airline is promoted by the Paramount group, a leading player in textiles
with
interests in banking. Promoter M Thiagarajan is a pilot and is the MD of
Paramount
Mills. His grand father Karumuttu Thiagarajan was the founder of Bank of
Madura. The
airline plans to start operations by August 05
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