Gopinath opts out as promoter of Deccan

April 18th, 2008 - 11:17 pm ICT by admin  

Mumbai, April 18 (IANS) Deccan Aviation Ltd, which owned low cost carrier Air Deccan, announced Friday that its chairman G.R. Gopinath would, henceforth, cease to be a promoter in the company. Others who have opted out of the promoter group include directors K.J. Samuel and Vishnu Singh Rawal.

UB Group, which owns Kingfisher Airlines, acquired 26 percent stake in Deccan Aviation in August last year and subsequently acquired 20 percent more in the year.

The merger between Kingfisher and Deccan was announced in December on the basis of a report prepared by merger consultant Accenture.

The merger process is slated to be completed before June this year.

Gopinath will be designated as the vice-chairman in the merged entity while Samuel and Rawal will retain their posts as directors.

Tags: , , , , , , , , , , , , , , ,

Posted in Business |