India’s Air Deccan, Air Odisha ownership to be consolidated
The Gujarat State Export Corporation (GSEC) Ltd., through its GSEC Aviation (Ahmedabad) unit, and Monarch Networth Capital are set to consolidate Air Deccan (Mumbai Int’l) and Air Odisha (Bhubaneswar) under the newly constituted GSEC Monarch Aviation (GSECMA) holding group following its acquisition of majority stakes in either carrier.
A statement to the Press Trust of India (PTI) said Air Deccan will hold a 50% stake in GSECMA with the rest split between GSEC Aviation and Monarch Networth. GSECMA will control a 100% stake in Air Deccan as well as a 60% stake in Air Odisha, which was acquired from promoter, the Radhakanta Pani family, for an undisclosed sum.
Air Deccan’s founder Captain G R Gopinath will be GSECMA’s chairman, Shaishav Shah will be its managing director, and Himanshu Shah of Monarch will be deputy managing director.
Ahead of the tie-up between the two regional operators, Gopinath had told PTI in December last year that Air Deccan would partner Air Odisha through the sharing of each other’s network and resources so as to reduce their overall operating expenses.
Air Deccan currently operates a single Beech 1900D while Air Odisha employs a single Cessna (single turboprop) 208B Grand Caravan. Both are scheduled operators and have been granted route authorities under the Indian government’s Regional Connectivity Scheme (RCS/UDAN).
You might also like
It’s time for Retreat Taiwan!
Health and wellness have become bywords in India, as people are embracing the benefits exercise offers combined with a healthy lifestyle and good food. Taking cues from the success of the
Amadeus workshop on ‘Live Travel Space & the Impact of NDC on Air Content Distribution’
Amadeus has evolved from being a global distribution system to becoming an open dynamic and connected live travel space Amadeus is recognized with dual IATA Level 3 NDC certification as an
Developing Ram Van Path Gaman Tourism Circuit to boast tourism
Chhattisgarh is regarded as the nanihal (mother’s birthplace) of Lord Ram. It is also the place where Lord Ram along with his wife Sita and brother Laxman spent most of
