Jaypee may diversify into aviation business

The Jaypee Group, a Rs 15,000-crore infrastructure industrial conglomerate in India, is considering whether to diversify into aviation. The group is thinking of floating a company named Himalayanputra Aviation Ltd with an initial investment of Rs 250 crore, group sources here said.

They said it was likely to start a budget airline to operate in Uttar Pradesh, as well as Uttarakhand, Himachal Pradesh and Jammu & Kashmir, where it has business interests. The plans are at a very initial stage.

“We have to assess the market conditions before we come into this business,” a company official said.When asked, Harish Vaid, senior president (corporate affairs) and company secretary of Jaiprakash Associates Ltd, said, “We can only say that we are taking shareholders’ approval at this stage.”