Air Odisha (Bhubaneswar) shareholders GSEC Limited and Monarch Networth Capital has announced they have sold off part of their shareholding in the airline to Sharjah-based firm Ghalia Petrol LLP.
Prior to the disposal, GSEC Aviation and Monarch Networth Capital controlled 60% of the regional carrier with the remaining 40% held by its original promoter, the 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,” a source told the PTI news agency.
Ahead of the equity sale, Bhupesh Joshi was appointed Air Odisha's chief executive officer.
09/10/18 ch-aviation
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Prior to the disposal, GSEC Aviation and Monarch Networth Capital controlled 60% of the regional carrier with the remaining 40% held by its original promoter, the 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,” a source told the PTI news agency.
Ahead of the equity sale, Bhupesh Joshi was appointed Air Odisha's chief executive officer.
09/10/18 ch-aviation
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