Adani kin buys majority stake in Air Odisha

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

The GSEC Aviation is owned by Rakesh Ramanlal Shah, who is married to Prity, the sister of the Adani Group chairman Gautam Adani.

Under the new structure, the airline 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.

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.

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.

No proposal under consideration to scrap Rs 2,000 note: Government

New Delhi: The government on Friday categorically said there was no proposal to discontinue Rs 2,000 currency note, which was introduced post demoneti...

Odisha govt to set up Information Technology Investment Region

Bhubaneswar: Odisha Chief Minister Naveen Patnaik on Thursday said the government has proposed to set up an Electronics System Design and Manufacturin...

India growth story credible; GDP to grow at 7.3% in FY19: World Bank

New Delhi: The World Bank on Wednesday said that Indian economy is "credible" and expected to grow at 7.3 percent in FY 2018-19 and 7.5 percent in FY ...

PNB scam fallout: RBI bars banks from issuing LoUs, LoCs

Mumbai: RBI has barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used...