Wednesday, February 02, 2011

Gopinath, Tata group, Business Jets in air charter alliance

Barely a year after Reliance Industries Ltd bought a stake in G.R. Gopinath's logistics venture Deccan 360, the budget aviation pioneer has forged a strategic marketing alliance with the Tata group to promote and market an airplane charter business.
Gopinath's aviation services company Deccan Charters Ltd; Taj Air, the airplane charter company of Tata group's Indian Hotels Co. Ltd; and Business Jets India Pvt. Ltd announced the launch an alliance that has been branded as Powerfly.
"This is an attempt to tap the top of the pyramid and an attempt to offer seamless travelling solutions in India and abroad," said Gopinath, who addressed the bottom of the pyramid through his venture Air Deccan, that was later bought by Kingfisher Airlines Ltd. "Powerfly will have a fleet ranging from helicopters to private jets that can be available (for hire) in the range of '70,000-'3 lakh."
Though India's most valuable company bought a strategic equity stake in Deccan 360, there is no equity contribution from the $67.4 billion salt-to-software Tata group in the alliance.
"We are not considering an equity infusion at this point of time," said R.K. Krishna Kumar, director of Tata Sons Ltd and vice-chairman of Indian Hotels Co. "But let us see how this venture shapes up."
Business Jets, which charters planes to corporates, is backed by Singapore-based Briley Group and Tata group has significant investment in the former.
02/02/11 Mint - McClatchy-Tribune Information Services via COMTEX/Trading
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