With the fresh investments, the Rs 400-crore company which is among the largest road transport operators in South India, plans to launch a value for money airline in the country.
Speaking to FE, VRL managing director VB Sankeshwar said that details such as the value of the IPO were yet to be worked out and that it would not include the companys media division.
In an effort to go public, the family-owned VRL is also trying to hire professionals to beef up its board. We are now making changes in our management structure for the IPO. This is for the sake of our aviation venture. We are clear that we want to go for an IPO this year, Mr Sankeshwar said. He said that the company would appoint consultants and work on finalising the details of the IPO after the new recruitments are completed.
He said that home work on the companys aviation plans would begin in May and the launch would happen a year or two later. We are clear that we will launch an airline, because we have done well in road transport, he said.
VRLs value for money airline intends to initially connect the western and southern parts of India, flying less-connected and not-connected routes.