Incorporated as a private limited company in May '93, VIF Airways was converted into a public limited company in Sep.'94. It was promoted by Syed Ainuddin Arif, Mohammed Abdus Saleem and Syed Azeemuddin Mahmood.
The company offers airline services connecting the feeder routes. It is proposed to purchase three Dornier DO-328 aircrafts with a capacity of 31 seats each. In Apr.'95, the company commenced operations with one aircraft which operates from Hyderabad to Vizag, Bombay, Tirupati, Calcutta, Ahmedabad, Pune, Rajahmundry and Bhuvaneshwar. Its aircrafts are purchased from Dornier Luftfahrt, Germany.
The company has an agreement with Kreditanstaltfur Wiederaufbau (KfW), Germany, whereby KfW will be financing about 95% of cost of three aircrafts. It came out with a public issue of 1.7 cr equity shares of Rs 10 each for cash at par aggregating Rs 17 cr, in Mar.'96 to part-finance the implementation of the company's project of air-taxi operations.