The new state-owned Italian air carrier Italia Transporto Aereo (ITA), which is about to proceed to active operations, received its shareholders’ approval for the increase of the company’s capital by €700 million.
On July 28, 2021, the shareholders of Alitalia’s successor gave a green light to enlarge the airline‘s capital by €700 million, as was proposed by ITA’s Board of Directors. The move allows the new Italian airline to proceed forward to its awaited launch which is scheduled to happen on October 15, 2021.
Speaking about the resolution, Chairman of ITA Alfredo Altavilla said that the capital approval was another milestone in the setting up of the new player of the local aviation market that is supposed to replace the loss-making predecessor Alitalia.
“With the just approved capital increase, the public shareholder confirms the solidity of the project from a private investor’s point of view,” Altavilla was quoted in the airline’s statement. “The following step will be the immediate beginning of negotiations with Alitalia under Extraordinary Administration for the acquisition of the “Aviation” sector, pending the tender for the sale of the Alitalia brand that we hope will take place as soon as possible.”
The EU Commission has already approved ITA’s Business Plan for the period between 2021 and 2025. According to the plan, by its launch day, the newly born ITA’s fleet should already consist of 52 aircraft out of which seven should be wide-body jets. The airline is supposed to expand its fleet gradually and reach a total of 105 aircraft by the end of 2025.
The jets will be used to reach the company’s main goal of being able to serve a variety of profitable short as well as long-haul operations. Starting with an initial network of 45 destinations and 61 routes in 2021, ITA aims to expand the network to 74 destinations and 89 routes around the world by the end of 2025.