Media reports say that Andhra Pradesh-based Air Costa plans to apply for a pan-India flying licence in six to eight months. The airline company is to invest Rs 3,092 crore over 15 years. In the next two years the company is to invest Rs 618 crore. For now the airline is starting with Rs 150 crore investment.    Air Costa, earlier this week, operated its inaugural flight on the Hyderabad-Vijaywada sector. The word, 'Costa' means the outer edge of a wing, which is where the airline derives its name from, said K Vinay, Head of Communications, Air Coata.    The airline has started with two 80-seater Embraer 170 jets and will induct eight 112-seater Embraer 190 planes by the end of 2014, making its fleet size ten. The company is to increase the number of daily flights to more than 60 by then.    Air Costa plans to increase its fleet size to 25 planes by 2018, said CT Chowdary, Director Finance, LEPL Projects. The airline is starting with an investment of Rs 150 crore and aims to raise the money through internal accruals and from close associates of the group.    Chowdary also said Vijaywada-based LEPL group is in the process of hiving off all its businesses including the airline into separate subsidiaries and may looking at listing the airline publicly once the economy and market improves. Chowdary said the airline will be in the budget aviation space and will aim at operating in "long distance, low density sectors" such as Jaipur-Bengaluru which currently have few or no nonstop flights.