The Kerala government, public sector institutions and the Cochin International Airport Ltd (Cial) together will hold 26% of shares of Air Kerala, the company that will execute the dream project of Kerala to launch an airline of its own.
The remaining shares will be mobilized from the public, mainly from overseas Keralites, chief minister Oommen Chandy who is also the chairman of Air Kerala, told reporters here after the maiden director board meeting of the company.
The company would require Rs 200 crore initially and each shareholder is expected to chip in a minimum of Rs 10,000. The face value of the shares will however remain Rs 10, but each investor is expected to purchase at least 1,000 shares.
The director board decided to request the Centre for an early waiver for Air Kerala from the conditions that only the airlines with five years of domestic flying experience and owning a fleet of 20 aircraft would be permitted to launch international flight operations.
But sources in the company said Air Kerala might soon start domestic flights without waiting for the waiver from the Centre to operate international services. The consultant, Ernst and Young, has been asked to prepare a feasibility report within three months.
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