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.

Air Odisha operates a single Beech 1900D. It currently has rights to operate scheduled passenger flights throughout the Indian states of Andhra Pradesh, Chhattisgarh, Daman and Diu, Delhi, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Odisha, Puducherry, Tamil Nadu, and Uttar Pradesh.