Topworth to foray into air cargo, invest $100 mn

After getting the NOC from the aviation ministry, Topworth Group of Companies along with Avicore LLC has formed a joint venture, Avicore Aviation, for this business and expects to record a revenue of Rs 500 crore in the first full-year of operation from the venture.

"We propose to start the business by March next year with two leased aircraft. The venture will have its hub in Nagpur," Topworth Group of Companies' Chairman Abhay Lodha told PTI here.
Avicore LLC is promoted by three NRIs and invests mainly in the aviation sector. Lodha said the joint venture, in which Topworth Group has 51 per cent stake, has initiated talks to a couple of airlines for taking two Boeing 737s on lease and hoped that these will be available by February-March next year.

Avicore Aviation will cater to the domestic needs initially and has plans to fly overseas by December next year. The company also plans to take three more Boeing 737s on lease by July next year, Lodha said.

"There is a great scope for air cargo business in the country and the need for dedicated cargo airline is going up each passing day with the boom particularly in the retail sector. Since the number of service provider is limited, we will be able to cash in on escalating demand," he said.