The Italian Government is all set to infuse fresh funds amounting to $400 million into the new Italian flag carrier ITA Airways in the next few weeks. With this latest funding, the total funds invested in ITA will amount to $1.1bn.
The fresh funds will help ITA for continued growth. Earlier this week, ITA Airways operated its inaugural flight to Tokyo Haneda from Rome. In December 2022, the airline is planning to launch new long-haul routes to Delhi and Malé. Besides, there is a chance of further expansion in Asia, as per sources.
The European Union has authorised a total investment in ITA Airways of up to $1.35bn, following an initial spend of $700 million.
ITA Airways currently has 66 aircraft in its all-Airbus fleet and is awaiting delivery of 72 more, including 15 Airbus A330neos and 20 Airbus A321neos. The airline uses A350-900 on long-haul routes like New York, Los Angeles, and Buenos Aires (EZE).
ITA privatisation talks had gained momentum towards the start of the year with Lufthansa, Delta Air Lines, and Air France-KLM leading the discussions. Lately, the Italian government ended the discussions with Delta and Air France while Lufthansa remains as a potential contender to buy a significant stake in the airline.