NovoAir (VQ, Dhaka) will resume scheduled flights on May 21, 2025, after suspending them on May 2 while it sought to sell aircraft and find a new investor. According to Managing Director Mofizur Rahman, the airline has made some progress with aircraft, but talks with prospective investors remain in their early stages. However, Tusuka Group, the controlling entity behind NovoAir, is optimistic enough with progress to resume flights.
"No concrete decision has been made on any single issue yet. 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,” Rahman told The Dhaka Tribune. “Our temporary suspension was part of our broader business plan."
The newspaper says NovoAir is grappling with the need for more investment, the possibility of an ownership change, and the need to refresh its fleet. ch-aviation previously reported that it put all five of its ATR72-500s on the market in June 2024 under a remarketing agreement with Airstream International Group. The ATR - Avions de Transport Régional turboprops have failed to sell. However, earlier in 2024, it sold two ATRs to Yeti Airlines (YT, Kathmandu). NovoAir wants to operate A320-200s instead of ATRs but has been unable to secure any.
Rahman says some prospective local investors have been in touch, including the former owners of the out-of-business United Airways (Dhaka). However, Rahman says talks have not progressed because "all of them are struggling with adequate funding.” No would-be foreign investors have expressed interest. NovoAir reportedly owes local banks approximately BDT1.5 billion taka (USD12.3 million).
NovoAir normally flies between Dhaka and Chittagong, Cox's Bazar, Jessore, Rajshahi, and Saidpur and directly employs around 650 people.
