Sunday, October 07, 2018

Air Odisha to dilute stake to Sharjah-based NRI crude oil firm

Scheduled commuter carrier Air Odisha is all set to take a Sharjah-based NRI investor on board as it seeks to tap fresh capital to fuel its expansion plans and the announcement to this effect is likely to be made soon, a source said.

The Bhubaneshwar-based airline has also brought in industry veteran Bhupesh Joshi as its chief executive officer ahead of bringing in the new Sharjahbased partner, the source said.

Air Odisha is currently 60 percent owned by two Ahmedabad-headquartered firms --GSEC Aviation-Monarch Networth Capital-- and the rest 40 percent stake is with original promoter Radhakanta Pani family.

"However, GSEC Aviation-Monarch Networth have decided to partially offload their stake to the Sharjah-based crude oil firm Ghalia Petrol LLP. The two partners have already signed the term-sheet and are expected to make an announcement on the deal soon," the source told PTI.
The GSEC Aviation-Monarch Networth Capital had acquired 60 percent stake in the carrier from Pani family in November last year along with the acquisition of G R Gopinath-founded Air Deccan.

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