Mumbai/New Delhi: Air Deccan, India’s second-largest domestic airline by marketshare, has approached some of the country’s leading conglomerates to raise $75-100 million for its expansion plans. The low-cost airline has sounded out the Reliance Anil Dhirubhai Ambani group, which operates the country’s second-largest private telecom company, and a leading Delhi-based conglomerate about the investment, said a source familiar with the development.
The carrier has given investment bank Edelweiss Capital the mandate to help it raise funds from an Indian conglomerate or a clutch of private equity players to create a war chest for the year ahead.
Private equity funds who are being targeted for this round of fund raising include Texas Pacific Group, Carlyle Group, Standard Chartered Private Equity, Macquirie Capital, Chrys Capital, Lehman Brothers, General Atlantic Partners and GIC of Singapore.
Air Deccan, which clawed its way back into profitability last quarter, is also looking to raise money by securitising its future receivables or issuing bonds. Industry sources said it is talking to global players like International Lease and Finance Corporation (ILFC) and General Commercial Aviation Services (Gecas).
02/01/07 Cuckoo Paul & Sudipto Dey/Economic Times
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Friday, February 02, 2007
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Expansion: Air Deccan approaches RADA group
Friday, February 02, 2007
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