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Adani kin's GSEC Aviation buys out Air Deccan, picks up 60% in Air Odisha

Both GSEC Aviation and Monarch acquired equal stake in the two carriers; JV would hold 100% of Air Deccan and 60% of Air Odisha

Press Trust of India  |  Mumbai 

Air Deccan

Ahmedabad-based GSEC and have bought over the G R Gopinath-promoted Air Deccan, besides jointly acquiring majority stake in Air Odisha, which is set to launch its services on regional routes from Saturday.

Significantly, GSEC is owned by Rakesh Ramanlal Shah, who is married to Prity, the sister of the $11 billion

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

Confirming the investment in the two carriers, and Rakesh Shah's son said both as well as would now be run under a new holding company called GSEC Monarch Aviation.

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

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

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

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

While would be the of the new entity, would be the and of Monarch would be deputy managing director, Shah said.

For Gopinath, this is the third aviation venture having sold his — Air Deccan — to Kingfisher in 2007 and then burned his fingers with a cargo venture with around Rs 1 billion investment from Mukesh Ambani, and the thrid one being sold to the Adani kin now.

started its services as a non- scheduled operator in November 2012.

First Published: Sat, February 17 2018. 00:58 IST
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