Air Deccan ropes in FedEx man to head cargo biz

Kolkata: Low cost airline Air Deccan has roped in Jude Fonsecus from FedEx as its chief executive officer (CEO) for its cargo venture which is expected to be operational by the end of the calendar year.
Speaking to reporters on the sidelines of a press conference, the Air Deccan chief, Capt GR Gopinath, said new CEO of the company would soon finalise the business plan and would take a call on the investment. A separate subsidiary would be formed for this company and Air Deccan would disinvest a part of the equity of the subsidiary to raise resources.
The civil aviation ministry has recently hiked the foreign direct investment limit in the cargo business sector to 74% from 26% to encourage more players in the sector.
He also said that the company would be entering into chartered service business through a separate subsidiary and Air Deccan would disinvest a part of the equity of the company too. The company would issue fresh shares for this purpose.
21/04/07 Financial Express

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Categories: Air Deccan Apr 2007, Cargo Apr 2007, New Apr 2007