Thursday, November 01, 2018

New owner of Air Deccan, Air Odisha plans to invest $10 mln in the embattled carriers

New Delhi: As Air Deccan and Air Odisha grapple with turbulent times, their new owner and Sharjah-based NRI Zahid Hussein plans to invest USD 10 million initially as well as restructure the two airlines.
Currently, the two scheduled commuter airlines -- which began services on 30 routes under the regional connectivity scheme -- have suspended operations temporarily due to technical reasons, according to an official.

Hussein, who is a Director of Sharjah-based Ghalia Petrol LLC, said immediate fund infusion is required for the two airlines.

"We are a majority stakeholder in GSec Monarch Private Ltd, which owns Air Deccan and Air Odisha... The investment is through family-owned enterprises. An Indian company (is) investing into it," he told in an interview.

Both the airlines are scheduled commuter airlines under the government's Regional Connectivity Scheme (RCS). In the first round of RCS bidding, Air Deccan and Air Odisha bagged 34 and 50 routes, respectively.

"In the first phase, we are looking at an investment of around USD 10 million to clean up the slate and restart operations... We need fund infusion on an immediate basis," Hussein said.
31/10/18 PTI/Times of India

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