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| World Home » Business » | Sun. Oct 12, 2008 |
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Kingfisher buys stake in Deccan Aviation MIL/Agencies, May 31, 2007. New Delhi, May 31, 2007 - King of good times Vijay Mallaya is believed to have bought 26 per cent stake in India's first low cost carrier Deccan Aviation at Rs 150 per share. Deccan Aviation is one of India's largest private sector charter aviation company with a network of bases spanning seven locations across the country. The company launched services from the corporate base at Bangalore in September 1997. The company has a fleet of nine helicopters and three fixed-wing aircraft. With this acquisition, UB group will become the largest shareholder in Deccan Aviation. A formal announcement is expected later in the day, as per ndtvprofit.com. "This will have a significant impact in the industry structure. The shareholders will stand to gain when Kingfisher gets listed on the bourses," said Kapil Kaul, CEO-India & Middle-East, Centre for Asia Pacific Aviation. "It is a win-win situation for both, be it market share, landing rights. It is good for the investors as well," added Amitabh Chakraborty, President, Religare Securities. The markets took note of the development and the stock at Rs 146 levels zoomed 12 per cent in noon deals on Thursday.
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