Business

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.

Sensex gains 53 pts, Nifty reclaims 10,900-mark

Benchmark indices closed higher for the third straight session on Thursday on stock-specific action amid mixed cues from the global markets.After gyra...

Rupee opens 9 paise higher at 71.15 against US dollar in opening trade

The rupee appreciated by 9 paise to 71.15 against the US dollar in opening trade Thursday, driven by positive opening in domestic equities and weakeni...

Mukesh Ambani in top Global Thinkers list of Foreign Policy

Richest Indian Mukesh Ambani has featured in the top Global Thinkers 2019 ranking of the prestigious Foreign Policy publication alongside the likes of...

Sensex, Nifty end see-saw session marginally higher amid mixed global cues

Equity indices ended marginally higher on Wednesday after a see-saw session, tracking mixed cues from the global markets amid geopolitical uncertainti...