The Gujarat State Export Corporation (GSEC) Ltd., through its GSEC Aviation (Ahmedabad) unit, and Monarch Networth Capital are set to consolidate Air Deccan (DKN, Nashik) and Air Odisha (Bhubaneshwar) under the newly constituted GSEC Monarch Aviation (GSECMA) holding group following its acquisition of majority stakes in either carrier.
A statement to the Press Trust of India (PTI) said Air Deccan will hold a 50% stake in GSECMA with the rest split between GSEC Aviation and Monarch Networth. GSECMA will control a 100% stake in Air Deccan as well as a 60% stake in Air Odisha, which was acquired from promoter, the Radhakanta Pani family, for an undisclosed sum.
Air Deccan's founder Captain G R Gopinath will be GSECMA's chairman, Shaishav Shah will be its managing director, and Himanshu Shah of Monarch will be deputy managing director.
Ahead of the tie-up between the two regional operators, Gopinath had told PTI in December last year that Air Deccan would partner Air Odisha through the sharing of each other's network and resources so as to reduce their overall operating expenses.
Air Deccan currently operates a single Beech 1900D while Air Odisha employs a single Cessna (single turboprop) 208B Grand Caravan. Both are scheduled operators and have been granted route authorities under the Indian government's Regional Connectivity Scheme (RCS/UDAN).
