Deccan Cargo gets a shot in the arm

GR Gopinath has sold most of his shares in Kingfisher Airlines to fund his cargo business, Deccan Cargo.

Gopinath’s Air Deccan, India’s first budget airline, merged with Kingfisher earlier in 2008 giving him a 5.4 per cent stake in Kingfisher. Aside from his locked-in shares, which rumour suggests he will also sell as soon as he is allowed, the move will go some way to forming the US$50-70 million that Gopinath wants to fuel his new cargo business.

Deccan Cargo started up this year when Gopinath bought three Airbus A310 aircraft from Air India. Its top management is formed mainly of former FedEx staff led by Jude Fonseka.

The Indian air cargo market, despite global economic worries, is expected to grow at 9.1 per cent a year, but has only 12 planes.

Gopinath told India’s Financial Express newspaper in April that he wouldn’t sell his shares in Air Deccan.

Share this story
Facebook
Twitter
LinkedIn

Related Topics

Latest news

BIFA urges new government to deliver on election promises

By Rachelle Harry

British International Freight Association (BIFA) has responded to the restults of the UK’s general election yesterday (December 12). Robery Keen,…

Read More

European Green Deal sets out ambitious targets

Aviation is one of the many areas facing changes under the European Green Deal launched by new European Commission President…

Read More

JFK’s animal facility appoints new compliance officer

The Ark at JFK, a private animal health, reception and quarantine facility located in Cargo Area D at JFK International…

Read More