The Aircraft Acquisition Committee of the Ministry of Civil Aviation is likely to take up Paramount Airway’s proposal to import 13 aircraft at its next meeting scheduled to take place before November 15, 2010. The airline is currently getting ready to import five Airbus A320 and eight Bombardier Q400 aircraft. The airline plans to induct the aircraft in a phased manner so as to scale up its fleet to 13 aircraft by February-March next year.
Paramount operated Embraer aircraft but the operations were suspended after the aircraft were taken back following a dispute. Paramount’s scheduled operator licence was then suspended due to the downgrading of requirements of a scheduled airline as it did not have the required number of aircraft in its fleet.
Before it suspended operations, the airline had reported profit. In March this year, the Minister for Civil Aviation, Praful Patel, told the Lok Sabha in a written statement that Paramount Airways recorded a profit of Rs 7.26 crore in 2008-09. For Paramount Airways, 2008-09 was the third straight year in which it reported a profit.