A&F Aviation, the new Japanese low-cost carrier formed by All Nippon Airways (ANA), has announced that it has finalised an investment of JPY10 million (US$121,000) from Innovation Network Corporation of Japan (INCJ). This investment will give INCJ a 33.3% stake in the new Osaka-based airline.
A director from INCJ will now sit on the board of A&F Aviation as an external board member. A&F Aviation expects to raise an extra JPY15 billion by the end of the fiscal year ending in March 2012, by which time the company is expected to have officially launched flights.
“This financial and operational support from INCJ is an important step toward the launch of A&F Aviation,” said Shinichi Inoue, CEO of A&F Aviation. “We aim to become a cultural bridge between Japan and the rest of Asia, triggering an economic growth in Japan and across Asia.”
Founded in February 2011, A&F Aviation will be based in Kansai International Airport, and plans to launch its first flights later this year. It will operate an all-Airbus A320 fleet to domestic and regional destinations. In addition to INCJ’s 33.3% stake in A&F, ANA holds a 33.4% stake and Hong Kong’s First eastern Group a 33.3% stake.