Dhaka - The debt trapped Bangladesh Airlines is set to re-launch itself with a new logo and a fleet of sleek aircraft expected to turn the ailing state owned airlines into a market leader in the fast expanding South Asia's aviation business, officials said.

To make the dream come true, the airline is also considering an upbeat look and a youthful name for itself, has planned to procure at least eight new aircraft from the US plane manufacturing Boeing company.

The airline's governing board has also decided to rent two other jumbos immediately from the international market of second hand reconditioned wide-body passenger planes.

The turnaround in the fortunes of Bangladesh's flag carrier Biman came when the military backed interim government changed the airline from a state controlled corporation into a public limited company with an "autonomous" body to run the business.

The Biman since Bangladesh's independence in 1971 has been bedeviled by corruption, overstaffing and operational losses as it was forced to open new routes by previous governments on political considerations neglecting the responsibilities of good management.

Presently Biman is struggling to maintain its flight schedule with a fleet of six aircraft including two ageing Airbuses.

Frequently the scheduled flights are postponed or delayed due to mechanical faults stranding aircraft at foreign airports with rising servicing costs.

The Biman's debt to the state owned Bangladesh Petroleum Corporation as unpaid fuel bills runs into millions of dollars.

On the other hand, the airlines failed to realize outstanding revenue from air tickets sold in advance by different travel agencies recruiting Bangladeshi workers mostly for the Gulf states and Saudi Arabia.

The brand new generation of Boeings are part of a package of 22 aircraft which are on the airline's shopping list, said Biman's Chief Executive Officer M A Momen who had recently signed a deal with Boeing's regional director Glen A Green in Dhaka.

"The government wishes to see Biman as a competitive airliner in South Asia and in the region beyond," said Mahbub Jamil, a top business executive who recently joined the interim government as a policy planner.

Sources in the Ministry of Civil Aviation said the total bill for the brand new aircraft with the latest technology would be around 1.26 billion dollars.

"The Bangladesh airlines will have to invest a staggering amount for a facelift and to come out of the shadow of corruption and poor management and spread the wings of the airlines linking the capital Dhaka to other cities," Jamil said.

The first consignment of four Boeings 777-300 ER will be delivered within the next five years while the four remaining Boeings 787-800 will be ready for delivery to Bangladesh by 2017.

Industry analysts said Biman has a potential market in the large communities of Bangladeshis living in the booming Middle Eastern cities as well as in the South East and the Far East.

Bangladesh's national flag carrier is expected to harness profits by capturing the huge market created by the travel needs of the overseas Bangladeshis. (dpa)