Air Deccan aims to raise US$ 100 million from stake sale

Air Deccan aims to raise US$ 100 million from stake sale

Air Deccan is the largest budget airline company in the Indian market. The company has said that they are planning to raise US$100 million by selling up to 26 percent of the company.

Managing Director G.R. Gopinath said in a statement that they are looking for a professional investor to sell this stake in the company.

They have now appointed investment bank Edelweiss Capital to evaluate at least three potential private investors.

Gopinath however ruled out any strategic sale to Vijay Mallya’s Kingfisher Airlines. He said: “We are taking time to find out who we should go to bed with.”

Air Deccan would be using these funds to fund expansion as they aim to expand their services across the country.

Gopinath added that they are aiming to become the largest player in the Indian aviation market “by offering the best low-cost product” and building up infrastructure from hangars to aircraft inventories.