Paramount Airways claims to have a break even, as other Indian carriers are facing losses.
GoAir reluctant to respond to overtures.
Today, Paramount is the market leader in the South with a 27 per cent share.
Lawsuit issue was a dispute over payment, with GE Capital Aviation Services and Celestial Aviation Trading.
Paramount Airlines had started its operations in 2005 and was flying to southern and eastern parts of India before it wound up 2010.
Paramount Airways, the Coimbatore-based private airline, is in an advanced stages of negotiations with aircraft manufacturers Airbus and Boeing for a $1 billion order of 15 wide-bodied aircraft. The deal is likely to be announced shortly.
M Thiagarajan of Paramount Airways straddles across the aviation sector like a giant. At 29, he is the promoter, chief executive officer and managing director of one of India's best-run airline that made operational profits within two years of starting business.
Paramount Airways, the Madurai-based full service airline, is planning to acquire 40 more made-in-Brazil Embraer jets at a list price of $2 billion in a bid to have a pan-India presence.
United India Insurance chief G Srinivasan has taken up the additional charge of CMD.
In a written reply to the Rajya Sabha, Civil Aviation Minister Vayalar Ravi said Vijay Mallya-promoted Kingfisher Airlines along with Paramount Airways did not settle dues on a regular fortnightly basis.
Chennai-based Paramount Airways plans to expand its route network as it inducts ten aircraft in its fleet by December this year, an airline official said.
The DGCA report, a copy of which is with Business Standard, stated that under the Madras high court direction, an inspection was carried out by a team headed by V K Arora, deputy director general, DGCA.
The Aircraft Acquisition Committee of the civil aviation ministry, which approved the IndiGo request in principle, also gave similar approval to a proposal of the Chennai-based business class airline Paramount Airways to acquire 10 aircraft from the Canadian aircraft manufacturer Bombardier and European ATR, official sources said.
Paramount is the only airline in India to offer full business class service at prices comparable to the normal economy class fares of other airlines. It flies to 16 destinations in the country.
The fully business-class airline is to commence services to 35 more cities, increasing its domestic routes to 50 by the end of 2010. Delhi is one of the new planned destinations, so are Imphal, Bhubaneswar, Ranchi, Bhopal, Nagpur, Porbander and other places in Gujarat. This is in addition to the earlier announced plans of launching services to Kolkata, Guwahati and Agartala, connecting these to the south Indian cities of Chennai, Coimbatore and Kochi.
The all-business-class carrier Paramount Airways is planning to increase its fleet fourfold by 2011 to 20 air planes at a time when major airlines are grounding aircraft and adopting low-cost model.
Paramount Airways, whose operations have been affected by a dispute over leasing of three aircraft, on Thursday offered to pay $5.25 million within six months to the UK-based lessor in the Supreme Court.
Aiming at launching international services, all-business-class carrier Paramount Airways on Friday placed a $1.5 billion order for acquiring 10 Airbus A-321 aircraft with each of them costing over $900 million.
According to airport officials, a Bengaluru-bound Paramount Airways flight with 49 persons on board was taking off when the Dubai bound Etihaad cargo flight from an adjacent bay started moving towards the same runway on Thursday night.
Russian defence aerospace major Sukhoi is close to bagging its first civilian Indian client with its regional 60- to 90-seater jet Sukhoi Superjet 100.
The government on Tuesday said the major private domestic airlines owed over Rs 274 crore (Rs 2.74 billion) to the Airports Authority of India for availing its services.
IndiGo and Paramount Airways managed to register profit during the last fiscal.
Chennai-based Paramount Airways is looking to acquire GoAir, the budget carrier promoted by the Wadia Group, in a cash and stock deal, a business news channel reported on Sunday quoting sources close to the development.
Kingfisher Red topped the list of loss-makers with Rs 79,8.34 crore (Rs 7.98 billion).
Paramount Airway's Managing Director M Thiagarajan insists that his is the only profitable airline in the country, but refuses to share the company's balance sheet with the media.
Paramount Airways has ruled out buying a budget airline in India to expand operations as the company feels this would not be an attractive proposition for its business model.
Even low cost carriers IndiGo, Paramount Airways are now in talks to join the Jet Airways-Kingfisher Airlines alliance to cut costs. After Kingfisher took over Air Deccan, fares have gone up steadily. Other low cost carriers have also hiked fares.
In the crowded Indian skies with over half-a-dozen well-established national carriers, Thiagarajan has a tough challenge ahead of him.
The airline, which currently has five Embraer jets, will take delivery of another 20 aircraft by 2010-11. The carrier would begin the hiring shortly with two more Embraer aircraft slated for delivery by the end of March.
The airline is inducting two more 70-seater Embraer planes, which will be based in Bangalore and will be used to connect Bangalore and Chennai with Pune and Goa, and then other cities in western India.
Thiagarajan, who had primarily restricted his aviation activities to south India, is now locating stars of fortune in western and central India for possible acquisitions
Paramount Airways aims at acquiring stakes in other airlines as part of its plans for a pan-India presence by 2011, according to its top official.
Private carrier Paramount Airways, which has a strong presence in South India, would enter the Western Indian skies by the end of this year and add 15 more aircraft to its kitty in next three years.
Paramount Airways plans to expand its fleet from the present five to 20 by 2009-end, M Thiagarajan, managing director said on Friday.
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