Adani family buys Air Deccan; acquired 60% stake in Air Odisha

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% 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% 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 % owned by GSEC Aviation and …read more