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. Last Updated: 07/27/2016

National Wings to Buy 7 Tupolevs

Alexander Lebedev's start-up airline National Wings plans to buy seven Tupolev mid-range airliners to operate in Russia and abroad.

National Wings will receive the first Tu-204s in two weeks and will use them on domestic and international routes for charter flights, said Konstantin Teterin, CEO of Airlines 400, which flies under the National Wings brand.

Aviation investments by Lebedev's National Reserve, the majority owner of Airlines 400, include 30 percent of Aeroflot and a 48 percent stake acquired last year in Blue Wings. National Reserve wants to profit from growing air travel in Russia, which last year increased 8.3 percent to 38 million passengers flown by domestic carriers.

Airlines 400 plans to sign a contract with Ilyushin Finance, an aircraft leasing company, which is 25 percent owned by National Reserve, Teterin said.