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Billionaire Branson Plans to Enter Russian Air Market

U.K. billionaire Richard Branson said he plans to compete in Russia’s air travel market to offer “better” services for consumers, and may name a local partner in three months to introduce his Virgin brand in the country.“We’re looking to take on the airlines here,” Branson said at an investor conference in Moscow today, adding that he’s in talks with two or three possible investors from Russia.

Air travel in Russia, a country that spans 11 time zones, is growing at more than 10 percent a year, according to government figures. Russian airlines, led by state-controlled OAO Aeroflot, have been leasing more aircraft, starting routes and forming international partnerships to meet growing demand.

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http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aztBctJaWq4I