Adani kin buys out Air Deccan, picks up 60% in Air Odisha


ENS

Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


Adani kin buys out Air Deccan, picks up 60% in Air Odisha

Significantly, GSEC Aviation is owned by Rakesh Ramanlal Shah, who is married to Prity, the sister of the USD 11-billion Adani Group chairman Gautam Adani.

The Ahmedabad-based GSEC Aviation and Monarch Networth Capital have bought over the GR Gopinath-promoted Air Deccan, besides jointly acquiring majority stake in Air Odisha, which is set to launch its services on regional routes from tomorrow.

Significantly, GSEC Aviation is owned by Rakesh Ramanlal Shah, who is married to Prity, the sister of the USD 11-billion Adani Group chairman Gautam Adani.

Under the new structure, both the airlines will be owned by a new company called GSEC Monarch Aviation in which Gopinath’s Air Deccan will hold 50 per cent stake while the rest will be held by GSEC Aviation and Monarch Networth.

Confirming the “strategic investment” in the two carriers, GSEC Aviation whole-time Director and Rakesh Shah’s son Shaishav Shah said both Air Deccan as well as Air Odisha will now be run under a new holding company called GSEC Monarch Aviation.

Shah, however, did not disclose the investment being made into the two companies.

Under the new structure, the Radhakanta Pani family, which is the original promoter of the Bhubaneswar-based Air Odisha, will divest 60 per cent of their stake to GSEC Aviation and Monarch Networth, he said.

“We are making a joint venture company called GESEC Monarch Aviation, which will be 50 per cent owned by GSEC Aviation and Monarch Networth Capital and the rest will be with Air Deccan,” Shah told PTI.

The JV will hold 100 per cent of Air Deccan and 60 per cent of Air Odisha, he said, adding both GSEC Aviation and Monarch have acquired equal stake in the two carriers.

While Gopinath will be the chairman of the new entity, Shaishav Shah will be the managing director and Himanshu Shah of Monarch will be deputy managing director, he said.

For Gopinath, this is the third aviation venture having sold his maiden airline–Air Deccan–to Kingfisher in 2007 and then burned his fingers with a cargo venture with around Rs 100 crore investment from Mukesh Ambani, and the thrid one being sold to the Adani kin now.

Air Odisha, which started its services as a non-scheduled operator in November 2012, was granted the flying permit by the DGCA to launch flights under government regional connectivity scheme last Tuesday. It has bagged 50 routes under the RCS scheme.

It is set to commence operations as a scheduled commuter airline from tomorrow making its maiden flight to Mundra from Ahmedabad. The services will be launched by Gujarat chief minister Vijay Rupani.

Interestingly, Mundra is home to the country’s largest private sector port as well as a special economic zone, owned by the Adanis.

Air Deccan, which had ceased to exist after being acquired by the now-defunct Kingfisher Airlines in 2007, was also revived last year with the Bengaluru-based carrier bagging 34 routes to fly under Udan scheme in the first round of bidding in March 2017.

It started operations last December 23 with first flight to Jalgaon in Maharashtra from Mumbai.

Last December Gopinath had told PTI that his airline had forged a partnership with Air Odisha, under which the two carriers would share each other’s network and resources to manage cost.

The areas of cooperation cover aircraft procurement, leasing of aircraft, maintenance, IT systems, pilot and engineer training and flight operations, inventory, among others, he had said.

The two carriers together plans to operate 108 daily flights from across 67 airports over the next three-four months, with fleet of 12 Beechcraft 1900D planes, which offer a seating capacity for 18 passengers each.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




Symphony98 Releases Soul-Stirring Rendition of Len
View More

Way Of Cross on Good Friday 2024 | Live From | St. Theresa’s Church, Kemmannu, Udupi | LIVEWay Of Cross on Good Friday 2024 | Live From | St. Theresa’s Church, Kemmannu, Udupi | LIVE
Good Friday 2024 | St. Theresa’s Church, Kemmannu | LIVE | UdupiWay Of Cross on Good Friday 2024 | Live From | St. Theresa’s Church, Kemmannu, Udupi | LIVE
2 BHK Flat for sale on the 6th floor of Eden Heritage, Santhekatte, Kallianpur, Udupi2 BHK Flat for sale on the 6th floor of Eden Heritage,  Santhekatte, Kallianpur, Udupi.
Maundy Thursday 2024 | LIVE From St. Theresa’s Church, Kemmannu | Udupi |Maundy Thursday 2024 | LIVE From St. Theresa’s Church, Kemmannu | Udupi |
Kemmennu for sale 1 BHK 628 sqft, Air Conditioned flatKemmennu for sale 1 BHK 628 sqft, Air Conditioned  flat
Symphony98 Releases Soul-Stirring Rendition of Lenten Hymn "Khursa Thain"Symphony98 Releases Soul-Stirring Rendition of Lenten Hymn
Palm Sunday 2024 at St. Theresa’s Church, Kemmannu | LIVEPalm Sunday 2024 at St. Theresa’s Church, Kemmannu | LIVE
Final Journey of Patrick Oliveira (83 years) || LIVE From KemmannuFinal Journey of Patrick Oliveira (83 years) || LIVE From Kemmannu
Carmel School Science Exhibition Day || Kmmannu ChannelCarmel School Science Exhibition Day || Kmmannu Channel
Final Journey of Prakash Crasta | LIVE From Kemmannu || Kemmannu ChannelFinal Journey of Prakash Crasta | LIVE From Kemmannu || Kemmannu Channel
ಪ್ರಗತಿ ಮಹಿಳಾ ಮಹಾ ಸಂಘ | ಸ್ತ್ರೀಯಾಂಚ್ಯಾ ದಿಸಾಚೊ ಸಂಭ್ರಮ್ 2024 || ಸಾಸ್ತಾನ್ ಘಟಕ್ಪ್ರಗತಿ ಮಹಿಳಾ ಮಹಾ ಸಂಘ | ಸ್ತ್ರೀಯಾಂಚ್ಯಾ ದಿಸಾಚೊ ಸಂಭ್ರಮ್ 2024 || ಸಾಸ್ತಾನ್ ಘಟಕ್
Valentine’s Day Special❤️||Multi-lingual Covers || Symphony98 From KemmannuValentine’s Day Special❤️||Multi-lingual Covers || Symphony98 From Kemmannu
Final Journey of Lionel John Lewis (74 years) | LIVE from Milagres Cathedral | Kallianpur | UdupiFinal Journey of Lionel John Lewis (74 years) | LIVE from Milagres Cathedral | Kallianpur | Udupi
Rozaricho Gaanch December 2023 issue, Mount Rosary Church Santhekatte Kallianpur, UdupiRozaricho Gaanch December 2023 issue, Mount Rosary Church Santhekatte Kallianpur, Udupi
An Ernest Appeal From Milagres Cathedral, Kallianpur, Diocese of UdupiAn Ernest Appeal From Milagres Cathedral, Kallianpur, Diocese of Udupi
Diocese of Udupi - Uzvd Decennial Special IssueDiocese of Udupi - Uzvd Decennial Special Issue
Final Journey Of Canute Pinto (52 years) | LIVE From Mount Rosary Church | Kallianpura | UdupiFinal Journey Of Canute Pinto (52 years) | LIVE From Mount Rosary Church | Kallianpura | Udupi
Earth Angels Anniversary | Comedy Show 2024 | Live From St. Theresa’s Church | Kemmannu | UdupiEarth Angels Anniversary | Comedy Show 2024 | Live From St. Theresa’s Church | Kemmannu | Udupi
Vespers 2024 | St. Theresa’s Church, KemmannuVespers 2024 | St. Theresa’s Church, Kemmannu
Annual Church Feast 2024 | St. Theresa’s Church, KemmannuAnnual Church Feast 2024 | St. Theresa’s Church, Kemmannu
Confraternity Sunday | St. Theresa’s Church, KemmannuConfraternity Sunday | St. Theresa’s Church, Kemmannu
Kemmannu Cricket Match 2024 | LIVE from KemmannuKemmannu Cricket Match 2024 | LIVE from Kemmannu
CHRISTMAS MASS-2023 | St. Theresa’s Church | Live from Kemmannu | UdupiCHRISTMAS MASS-2023 | St. Theresa’s Church | Live from Kemmannu | Udupi
Annual Day 2023 | Carmel English School, Live From KemmannuAnnual Day 2023 | Carmel English School, Live From Kemmannu
Naturya - Taste of Namma Udupi - Order NOWNaturya - Taste of Namma Udupi - Order NOW
New Management takes over Bannur Mutton, Santhekatte, Kallianpur. Visit us and feel the difference.New Management takes over Bannur Mutton, Santhekatte, Kallianpur. Visit us and feel the difference.
Easter 2023 - Milrachi Lara From Milagres Cathedral, Kallianpur, UdupiEaster 2023 - Milrachi Lara From Milagres Cathedral, Kallianpur, Udupi
Focus Studio, Near Hotel Kidiyoor, UdupiFocus Studio, Near Hotel Kidiyoor, Udupi