Air Deccan, ADAG tie-up not yet confirmed

Mumbai/Bangalore/New Delhi: A newspaper report of the Anil Dhirubhai Ambani Group (ADAG) acquiring 26 per cent stake in, India's fastest growing low cost airline, Air Deccan, is yet to be confirmed.
Vijaya Menon, Corporate Communications Head at the Air Deccan headquarters in Bangalore told ANI : "We are in a preparatory process and right now the name of the companies cannot be made public."
On the amount of capital the company is expecting to raise from the market, Menon said: "It would be somewhere between 50 to 100 million dollars."
A senior official of the Directorate General of Civil Aviation, speaking on the condition of anonymity, told ANI: "It had nothing to do with such business propositions, and acted only as regulators." The job of a regulator was to ensure that aviation firms abided by laid down rules, he further said.
According to the newspaper report, ADAG is carrying out a due diligence of Air Deccan.
An ADAG spokesperson also refused to make any statement on the issue.
19/04/07 ANI/DailyIndia.com, US

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Categories: Air Deccan Apr 2007