Ahmedabad-based GSEC Aviation, Monarch Networth Capital acquired majority stake in Air Odisha

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Mumbai: The Ahmedabad-based GSEC Aviation and Monarch Networth Capital has acquired majority stake in Air Odisha, which is set to launch its services on regional routes from tomorrow, besides, bought over the GR Gopinath-promoted Air Deccan.

The GSEC Aviation is owned by Rakesh Ramanlal Shah, who is married to Prity, the sister of the Adani Group chairman Gautam Adani.

Under the new structure, the airline will be owned by a new company called GSEC Monarch Aviation in which Gopinath’s Air Deccan will hold 50 per cent stake while the rest will be held by GSEC Aviation and Monarch Networth.

Confirming the “strategic investment” in the two carriers, GSEC Aviation whole-time Director and Rakesh Shah’s son Shaishav Shah said both Air Deccan as well as Air Odisha will now be run under a new holding company called GSEC Monarch Aviation.

The JV will hold 100 per cent of Air Deccan and 60 per cent of Air Odisha, he said, adding both GSEC Aviation and Monarch have acquired equal stake in the two carriers.

Air Odisha, which started its services as a non- scheduled operator in November 2012, was granted the flying permit by the DGCA to launch flights under government regional connectivity scheme last Tuesday. It has bagged 50 routes under the RCS scheme.

It is set to commence operations as a scheduled commuter airline from tomorrow making its maiden flight to Mundra from Ahmedabad. The services will be launched by Gujarat chief minister Vijay Rupani.

 

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