Cargolux (CV, Luxembourg) has set plans for its nascent Cargolux China (Zhengzhou) subsidiary in motion after the Luxembourg-based carrier's board approved an investment of USD77 million for the start-up.
As previously reported, Cargolux will hold a 35% stake in Cargolux China with Henan Civil Aviation Development and Investment Co. (HNCA) holding 49%, Xin Gang Investment & Development Co., Ltd of the Zhengzhou Airport Comprehensive Economic Experimental Zone holding 8%, and Zhengzhou airport operator, Henan Airport Group Co., Ltd, holding the remaining 8%.
Cargolux China is expected to commence operations in 2017, focusing on transpacific and intra-Asian routes. Its fleet is planned to grow to five 747 freighters within the first three years of operation.
