"We believe in the Indian judicial system and need cooperation from the other parties to finalise the deal. However, if the deal does not materialise despite our significant investment of money and effort, we will have to reconsider whether India is the right market for us," said Chief Investment Officer of Challenge Group Michael Koish.
Challenge Group is the parent company of Malta-based Ace Aviation.
Koish said they have approached other potential sellers for alternative aircraft as the deadline for conversion of these wide-bodied planes to freighter aircraft is approaching in early 2025.
"This delay in procuring B777 aircraft in time for our scheduled Maintenance, Repair and Overhaul (MRO) slots in early 2025 will present a significant challenge for us, as we are committed to utilising these slots for converting passenger aircraft into freighters. If procurement delays extend beyond our anticipated timeframe, we will have to find alternative B777 aircraft swiftly. We have already some approached potential sellers to explore relevant 777300ERS opportunities in the market," he said.
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