Novoair is set to be back in the skies, but the turbulence is not over just yet.
The airline has had to grapple with three major challenges in recent months — a potential change in ownership, a dire fund crisis requiring new domestic and foreign investors, and the critical need to purchase new aircraft to keep operations viable.
On Thursday, speaking to Dhaka Tribune, Managing Director of Novoair Mofizur Rahman said that while there has been progress in acquiring new large aircraft, both the ownership transfer and onboarding of new investors remain at the consideration stage.
“No concrete decision has been made on any single issue yet,” he said. “These matters need more time to fully mature. Only then can we draw a close to these challenges. It might take another four to six months."
Despite the uncertainty, Rahman said the developments so far are encouraging enough to justify a resumption of flights. “Since there have been positive developments and progress in the challenges, we have decided to resume flight operations from May 21 after evaluating all aspects.”
Although he noted that several domestic investors have expressed interest, he declined to name any. One name, however, did surface in the conversation — one of the former owners of the now-defunct United Airways has reportedly reached out to Novoair. Yet, Rahman admitted that “all of them are struggling with adequate funding.”
On the foreign front, things appear even more sluggish. The Novoair chief confirmed that there hasn’t been much headway with international investors. Discussions are also underway regarding the sale of older aircraft, another component of the airline’s recovery plan.
Novoair had informed the Civil Aviation Authority of Bangladesh (CAAB) on May 2 that it would temporarily suspend flights, mentioning in the letter that operations would resume within two weeks.
Now, the airline has made it official: flights will restart on May 21.
In a statement on Thursday, the airline announced the return of its services and also offered a 15% discount on ticket prices to mark the occasion.
“We are restarting operations from next Wednesday, May 21,” said Rahman. “Our temporary suspension was part of our broader business plan. During this period, we received overwhelming support from our valued passengers and well-wishers.”
Reaffirming the airline’s commitment to safety and service, he added, “We are always focused on delivering a superior passenger experience, with safety as our top priority. We look forward to welcoming everyone back on board.”
Founded in January 2013, Novoair was born out of an ambition to expand the Tusuka Group’s footprint beyond garments and into commercial aviation.
The original ownership team included industry insiders and former parliamentarians. A little over a decade later, what began with promise now finds itself teetering under the weight of debt and declining viability.
The airline’s fleet comprises five ATR aircraft, each with a 72-seat capacity.
Despite currently servicing key domestic routes such as Dhaka–Chittagong, Dhaka–Cox’s Bazar, and Dhaka–Sylhet, its lone international route to Kolkata has already been suspended.
According to the airline, Novoair employs around 650 people across the country, but its financials are in disarray. The company reportedly holds around Tk150 crore in bank loans, with additional liabilities looming.