Air France - KLM To Invest 1Bn Euros On Law-Cost Unit

September 11, 2014

Air France-KLM, one of Europe's largest flag carrier planned to invest one billion euro ( 1.294 billion U.S. dollars) to improve services of its low-cost brand Transavia and increase its market share in Europe, a local newspaper reported Wednesday.

"It's a great project for which we plan to invest 1 billion euros over the next five years, or even 1 billion more later," Alexandre de Juniac, Air France-KLM chairman was quoted as saying by the daily les Echos.

The French-Dutch joint venture eyed to double Transavia's fleet to 100 aircraft by 2017, hoping "to become one of the major players in the low cost in Europe," he added.

According to the report, the investment scheme will create up to 250 new pilot jobs by 2019.

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