Gopinath's new cargo venture takes off

New Delhi: Rising cost of jet fuel might have made the concept of low-cost flying redundant, pioneered by Captain G R Gopinath, but the former Army officer is moving on with his new venture. On Wednesday, first of the three Airbus A-310 that he has acquired for his cargo and logistics company, took off for a German facility of EADS where it will be converted into a freighter aircraft. This aircraft will return to India in December and then the Deccan Air Cargo and Logistics will start its operations.
The $200 million venture company is being launched with an initial investment from Gopinath. The company is 100% owned by him and has ordered nine planes, including three A-310s from Air India. Gopinath, who is currently vice chairman of the Kingfisher-Deccan airline, has got non-compete clause for his new venture with the combine.
Sources said a number of private players have already expressed to partner with the new venture that will be funded by debt and equity.
05/06/08 Saurabh Sinha/Times of India

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Categories: Cargo Jun 2008, Deccan Jun 2008, New Jun 2008