AIR Odisha Ropes In NRI Investor For Expansion Plan

AIR Odisha, regional airline headquartered in Bhubaneswar, is likely to take a Sharjah-based NRI investor on board for expansion program. It operates daily flights to numerous destinations across India as per the Regional Connectivity Scheme. The airline officially has its base at Biju Patnaik International Airport in Bhubaneswar with an additional operation base at Sardar Vallabhbhai Patel International Airport and with 227 destinations. It has roped in industry veteran Bhupesh Joshi as chief executive officer (CEO) ahead of tying  up the Sharjah  based partner, The  Pioneer  reports citing  informed  source said.Air Odisha is currently 60 per cent owned by two Ahmedabad-headquartered firms — GSEC Aviation-Monarch Networth Capital– and the rest 40 per cent stake is with original promoter 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,” the source said .The decision was taken at Air Odisha Pvt Ltd’s board meeting held in Odisha ‘s capital recently. The GSEC Aviation-Monarch Networth Capital had acquired 60 per cent stake in the carrier from Pani family in November last year along with the acquisition of G R Gopinath-founded Air Deccan.GSEC Aviation is owned by Rakesh Ramanlal Shah, brother-in-law of Adani Group chairman Gautam Adani. Air Odisha managing director Shaishav Shah confirmed that the airline was getting a new investor in addition to the existing promoters to infuse fresh capital, adding that it had already signed an agreement to clinch the deal.“I can just confirm that we have signed the contract with a Sharjah-based company which is into crude oil trade. AIR Odisha will make it public, Shah said.