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| Paramount places $1.5-bn order for 10 A-321 aircraft |
| BS Reporter / Chennai Jun 20, 2009, 00:13 IST |
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Chennai-based Paramount Airways has placed an order worth $1.5 billion (around Rs 7,500 crore) with Airbus to acquire 10 Airbus A-321 aircraft.
The airline signed a Memorandum of Understanding (MoU) with the European manufacturer on the sidelines of the ongoing Paris Airshow at Le Bourget in France.
Under the MoU, the all-business-class carrier has an option to place orders for 10 more aircraft in the future. Each A-321 has a list price of $90.3 million.
“We signed an MoU with Paramount Airways for confirmed orders for 10 A-321s and 10 more on option,” Airbus Vice-President (sales) Miranda Mills said.
The airline it intends to launch international flights from key hubs in southern India by this year-end. At present, it is “...assessing opportunities to fly into the Far East and West Asian countries,” airline officials said.
Maintaining that the $1.5-billion deal would be funded by the European Central Bank, Paramount Managing Director M Thiagarajan said the signing of the MoU marked “...an important and strategic landmark in our expansion plans and, in particular, our goal to become a leading international carrier.”
“A-321s will help us realise these ambitious and attainable goals and we are delighted with our aircraft choice,” he said
In a statement, Airbus COO John Leahy said Paramount’s decision to opt for A-321s was “...a testament to the aircraft’s leading position in this sector”. He added that the airline and his company planned to develop a long-drawn relationship.
Paramount, which launched operations in October 2005, is the first premium service, all-business-class, Indian carrier. It has since achieved a market share of 27 per cent in southern India, Thiagarajan added.
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