All Nippon Airways' new low-cost joint venture has been named Peach Aviation and intends to start services by March 2012.
Parent company A&F Aviation which was established earlier this year changed its corporate name to Peach Aviation Limited and moved the location of its headquarters to Kansai International Airport.
Peach Aviation Ltd is 33.4% owned by All Nippon Airways, Hong Kong investment firm Innovation Network Corp of Japan (INCJ) has a 33.3% stake, while Hong Kong's First Investment Group owns the remaining 33.3% stake, the maximum foreign ownership currently allowed in Japan.
Earlier this year the company announced a ¥10 billion investment through the sale of the 33.3% stake to First Investment Group and expects to raise another ¥15 billion within the fiscal year ending in March 2012. INCJ also has an option to make an additional investment.
It plans low-cost services out of Osaka's Kansai international airport in March 2012.
Peach Aviation intends to launch flights connecting the western Japan airport to Fukuoka and Sapporo and another flight linking the airport to Incheon International Airport in May 2012.
Peach Aviation CEO Shinichi Inoue says. "Our airline will also reflect the smart sophistication that has come to represent the words "Cool Japan."
The low-cost carrier will operate an Airbus A320 aircraft fleet.