The non-compete agreement Gopinath signed while selling Deccan to Vijay Mallya's now-grounded Kingfisherin 2007 ends on January 28, 2013. Gopinath told TOI on Monday that he will finalize the partner in two to three months and hopes to launch the airline by mid-2013 .

The past three to four years have not seen any new airlines and only witnessed Air Deccan , MDLR, Paramount and Kingfisher either shutting down or losing their identity. These closures have triggered a drop in capacity and hiking of fares by the surviving airlines . This has led to India now witnessing the sharpest fall in domestic air travel globally.

"I decided to start an airline as I can't afford the airfares now. Some airlines have grown but they have done so by taking passengers of other players. The domestic air market is falling rapidly and this is unimaginable in a country like India. A new LCC that offers low fares with low costs is the only way to make flying affordable again and grow the market. I will do that," said the pioneer of lowcost flying in India, adding that he is regularly approached by the general public to start a new airline as low fare flying in India has become history now.

Gopinath, who has not had too much commercial success with his charter and cargo business, promises not to repeat the mistakes of Air Deccan , while taking forward its successful points in the new venture. This time commercial viability is on his mind as much as offering low fares.