Jet to launch cargo airline soon

Jet Airways plans to come out with a cargo airline soon, to tap the freight sector.

"We are planning to launch a full fledged cargo airline for tapping the huge freight market," Victoriano Dungca, financial advisor to Jet Airways, said here on Saturday.

The company would look at coming out with an follow on equity offer of $ 300 million as a domestic issue and anonther $ 500 million via foreign currency convertible bonds (FCCBs) to fund fleet expansion plans for buying 30 airplanes from Airbus and Boeing, Dungca said.

"The airline is also planning to unveil a new product for its domestic travellers, which would be declared in the next couple of weeks and the international product launch would be launched in January-February 2007, Dungca said.

The airline was also planning to launch direct flights from Amristar-Birmingham and Amritsar-London by July. and was also looking at flying to new destinations including Zurich, Munich, Los Angeles, Dungca added.