22 Mar 2018 15:22

Chinese firm takes stake in Russian charter airline iFly

MOSCOW. March 22 (Interfax) - China's Silk Road LLC has taken a 9% stake in Russian charter airline iFly, according to the SPARK-Interfax analytical system.

Silk Road's acquisition of the 9% stake in iFly LLC was entered into the Unified State Register of Legal Entities on March 20, 2018.

Silk Road is a subsidiary of Hong Kong-registered Joy Tour Global Limited, according to SPARK-Interfax. The company itself was registered in Moscow in December 2017 and is led by a citizen of Hong Kong. Its main activity is "vehicular transport of passengers for sightseeing."

Prior to the deal, iFly was wholly owned by the commercial director of Tez Tour, Alexander Burtin.

iFly carried 746,600 passengers in 2017, 85% more than a year earlier, making it the 20th biggest Russian airline by that measure. Its fleet consists of five Airbus A330 and one Boeing 757 aircraft. It is based at Moscow's Vnukovo International Airport.