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South Asia

Apr 5, 2005

Richard Branson to invest in Indian carrier

NEW DELHI - Virgin Atlantic chief Richard Branson has said he plans to invest about US$50 million in his personal capacity in an Indian airline.

He is holding talks on the venture with "four different people" in India.

"Virgin Atlantic is not allowed to invest in India, but Richard Branson, I think, should be allowed to invest in India in his personal capacity," Branson said in an interview with NDTV Profit.

Under the existing Indian aviation rules, no foreign airline is allowed to pick up a stake in any Indian carrier.

"Some of them [the four different people] have got airlines up and running and some are trying to set up an airline," he said, when asked to name them.

"I will be surprised if we don't reach an agreement in the next three to six months," Branson said.

He added that he was principally interested in the financial stake "if some of them wanted my help and advice I would willingly give it ... But there are very capable people here."

He said he would also be happy to invest in the building of airport infrastructure in the country, but did not give any details.

Branson, who has about 250 businesses spread over 50 countries across the world, said he also was holding parleys with Indian telecoms companies and wanted to set up a 50:50 joint venture in the mobile telephone business.

(Asia Pulse/PTI)

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