First Flight to sell 20% stake

NEW DELHI: Domestic express industry player First Flight Couriers is in advanced talks to dilute up to 20% stake to fund its near-term expansion and aircraft fleet enhancement plan. The firm plans to finalise its strategic investor within the next two to three months, First Flight deputy managing director RK Saboo said.
"We are in active negotiations with a few firms.We intend to dilute anywhere between 10% and 20% stake to raise $25 million from the strategic investor," Saboo said.
Though he refused to divulge details, Saboo said the firm is in negotiations with international operators and private equity investors for this strategic stake sale.
The funds raised through this stake sale, he said, would be used to finance First Flight's short-term expansion plans, which includes transforming itself into a one-stop logistics service provider.
First Flight's logistics division will provide a distribution mechanism to the companies aiming to participate in the great Indian retail boom by offering an integrated logistics and end-to-end supply chain solutions to corporate customers.