Sirius India Airlines looks to raise USD 100 million for expansion

Mumbai, Nov 17 (PTI) Air charter services operator Sirius India Airlines has said it looks to raise USD 100 million through debt and other instruments for fleet and services expansion as it sees demand soaring from across segments.
     The company said it is aiming to have a fleet of 50 private jets by financial year 2027 and spread its wings to other markets such as the Far East, Southeast Asia and East Africa as part of the long-term business plan.
     The proposed funds are expected to be tied-up by March next year so that the plan starts getting implemented from FY26, Sirius India Airlines founder and promoter Arun Kashyap said.
     The Gurugram-based aviation venture launched its air charter services in collaboration with Dubai-based Transworld Group in August this year.
     "We are aiming to secure USD 100 million capital by this fiscal and have already started the process to do so. We are looking at these funds both by way of debt as well as from strategic investors and are in discussions with a bunch of lenders and investors," said Kashyap, who has been formerly with airlines such as Air India and SpiceJet.
     The company, Kashyap said, is expecting these funds to be in place by March next year, adding, "we plan to use the proceeds for acquiring fleet and going into new overseas markets apart from strengthening the domestic market".
     Sirius India Airlines Limited had in April announced its strategic partnership to bring luxury private air travel brand Airavat Aviation to India.
     Airavat Aviation has a strong presence in the Middle East, Europe, Africa and Asia.
     Sirius currently has a fleet of three luxury jets and offers services in the domestic market as well in the Middle East.
     Stating that the demand for charter travel is "very high" from all segments including corporate and lifestyle travel, Kashyap said the company is also strengthening its presence in western and southern Indian markets to cater to this demand on the domestic front.
     "As part of our fleet expansion plan, we envisage up to 50 planes by March 2028 comprising both small and medium jets as well as aircraft that can perform group charter flights. This would help us penetrate into markets like the Far East and East Africa, among others," he said.
     Of these, 10 aircraft are expected to join the fleet in the next fiscal itself, he said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)