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| Ill-treatment of Air Deccan pains me, says Capt Gopinath |
| Press Trust of India / Bangalore Jan 16, 2010, 12:55 IST |
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Capt G R Gopinath has expressed apparent anguish over the way the low-cost carrier Air Deccan that he founded was treated after its acquisition by Vijay Mallya-promoted UB Group’s Kingfisher.
Capt Gopinath, at the launch of his book here, recalled that at the time of the acquisition in mid-2007, he termed his move on the sale as like giving away daughter in a wedding. But he added that when she is ill-teated, one is at pain.
But he didn’t elaborate on 'ill-teatment' of Air Deccan, a 'baby' he was attached to as an entrepreneur.
It was no secret that Capt Gopinath was not happy with Kingfisher’s move to abandon the low-cost model. Air Deccan was reincarnated as Kingfisher Red.
Gopinath, however, said he has no regrets on selling Deccan Aviation, saying he was keen on giving return on investment to individual shareholders and institutions such as LIC as the market then was hot (for mergers and acquisitions) though he had the other option of retaining the company in his control.
"Vijay Mallya wooed me more than the others, and I fell for him", he said.
But, in hindsight, he said it was possible to keep Deccan Aviation afloat and he could "pull it off" by taking additional debt.
The book, "Simply Fly: A Deccan Odyssey" was launched here last night.
Subroto Bagchi, author, Vice-Chairman and Gardener – MindTree Limited was the moderator in a conversation with N R Narayana Murthy, Founder, Chairman and Chief Mentor, Infosys Technologies, Pankaj Chandra, Director, IIM Bangalore and film personality Suhasini Mani Ratnam.
The Rs 499-priced book, published by HarperCollins Publishers India Limited, is the story of a boy who grew up in a remote village and went from riding a bullock cart to owning an airline, one that would become India’s first and largest low-cost carrier.
Filled with anecdotes of everyday struggles and joys, the autobiography narrates Captain Gopinath’s incredible journey: quitting the Indian Army in the late 1970s with a princely gratuity of Rs 6500, going back to his farm land inundated by river, converting a piece of barren land to set up a farm for ecologically sustainable silk-worm rearing, winning the Rolex award for it, his loves and passions, his extraordinary determination to launch an airline.
"This book is an excellent study of entrepreneurship bringing out the importance of innovation, dream, courage and sacrifice in success”, Narayana Murthy said.
Pankaj Chandra termed it a 'wonderful travel book'.
In response to questions from the audience, Gopinath said starting a low cost airline in the present market conditions would be 'recipe for disaster'.
"You must dream your own dreams, have courage to follow dreams", he said.
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