Alliance Air, the regional subsidiary of national carrier Air India, has started operating 2 flights connecting Bengaluru and Kochi and others to Trichy and Chennai.
Gati’s promoter Mahendra Agarwal owned a 24% stake in the company as of June 30. While it isn’t clear how much of that would be diluted, the planned deal could give an exit to overseas corporate shareholders such as Goldman Sachs, which owns about 7% in the company.
The company is in talks with two global companies to sell up to 25% stake in this new venture, Allcargo Logistics and Industrial Park chairman Shashi Kiran Shetty said.
Jet Airways, India’s second-biggest airline by market share ran into troubled waters due to falling airfares, low margins and rising fuel costs.
The airline is also trying to monetise the frequent flyer programme it co-owns with partner Etihad Airways.
Jet clarified that the Srinivasan Vishvanathan had retired after his term ended.
Unless Jet has a trump card up its sleeve and pulls off something big, it can really careen off the runway.
The initial plan in the first phase is for 10 million and another 10 million in the next, but based upon the projected demand we may complete the phases together, said a GVK spokesperson.
The company slashed its manpower 8-9% last year even as it made its functions more technology driven.
Airline’s average yield or ticket per passenger fell 5.4% while revenue per available seat kilometer fell 3.1% leading to a fall in net profit.
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