The company has stated that it has started the process for naming ‘Kuber Airlines’ by expanding the number of aircraft within a year and a half with the investment of the Kuber Group of India. The Kuber Group of India owns 75 percent of the company’s investment. Now the name is being changed to Kuber Airlines, said Deepak Pokharel, chairman of the company. He informed that the company has already started the Ministry of Culture, Tourism, and Civil Aviation process.
“We have investments from India’s Kuber Group. Kuber group is planning to change the name to set up the company as the investment from Kuber has increased. Even if not immediately, the name will be changed within a year and a half, ‘he said. He said it would take some time to change the name of the company due to the process.
Four additional ATR-72 will join the fleet
The company plans to add four more ATR-72 aircraft with Kuber’s investment. The process of changing the company’s name has been started as soon as the aircraft is added. “We are going to bring four ATRs. An agreement had been reached with Jet Airways to buy the aircraft, but for some reason, it could not be brought from that company, ‘he said.
According to him, the company has made a business plan to increase the number of aircraft to seven within a year. Kuber has been increasing its investment as the government of Nepal has made arrangements for foreign companies to invest up to 80 percent in the aviation industry. The company currently has three CRJ-200 series aircraft in which two aircraft are regularly flying at that time.
All three CRJ will airborne soon
One aircraft has been grounded for three years. The aircraft is planned to be operational within three months after the repairs. ‘The biggest expense of an airline is the engine. Bringing two engines for an aircraft would cost Rs 300 million, ‘he said.’ Landing gear costs Rs 50 million. We have brought extra engines and landing gear for all three aircraft. ‘
India’s Kuber Group entered Saurya a year and a half ago as a partner. With the entry of the Kuber Group, the company plans to increase its share in the domestic aviation business by adding ten new aircraft. The company has stated that it has not expanded its capacity as per its business plan due to covid-19.
Saurya in Nepals’ Aviation
Saurya was also among the airlines that started thinking of making their market in domestic aviation. But the rift between the investors, which started within a year or two of the operation, did not allow Saurya to add aircraft or increase market share.
Due to the inability to do business as expected, Saurya was unable to pay the taxes to the Tribhuvan International Airport (TIA) and the entire expenses, including the salaries and wages of the staff and maintenance of the staff aircraft. Even though domestic flights were started for the first time in Nepal through jet engines, the economic condition of Saurya was deteriorating.
As the burden of expenses and liabilities increased, the company’s investors could not see the profit. As a result, the company looked weak in a short time due to the growing tension among the investors.
On the other hand, less than two years after the operation, one of the two aircraft started having problems. After that, the same aircraft had to fly to five destinations, which reduced the competitiveness of other airlines.
Meanwhile, two years ago, it was suddenly announced that Saurya Airlines had been sold. Chairman Deepak Pokharel said that the group, including Ghanshyam Adhikari, a non-resident Nepali doing business in China, bought Saurya Air for Rs 670 million to fulfill the entire responsibility company.
According to sources, the official group had agreed to buy the airline from Pokhrel Group for Rs 670 million but did not pay the dues and fulfill its obligations. Instead, they sank Rs 300 million in seven months. After that, the Pokhrel group started removing new officials and recruiting new investors. And found Indian businessman Vikas Malu.
It was announced that Malu’s Indian company Kuber Group, which has invested in various sectors in India as well as Dubai, is about to enter as a new partner of Saurya Airlines. Kuber invested Rs 620 million to acquire a 75 percent stake in Saurya. For the past year and a half, Saurya has been working on a comprehensive plan to revive the company and pay off all the arrears.