Deccan to raise Rs 150 cr via debt

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Aviation

Deccan to raise Rs 150 cr via debt

7/18/2009 1:57:00 PM

Bangalore, June (EPC News): The promoter of the country’s first low-cost airline Air Deccan, Capt G R Gopinath’s new venture Deccan 360, an express logistics company, is close to raising up to Rs 150 crore through debt for its working capital needs as the company looks to expand to more cities and add aircraft.

Apart from raising up to Rs 150 crore in a couple of months, the company will raise another $25 million through equity dilution. The initial funding of $25 million for the company has been raised by Capt Gopinath himself through his own funds.

The company plans to induct two more wide-bodied A310 which has the capacity to carry 35 tonnes of cargo. A total of three ATR-72s with capacity of eight tonnes each will also be inducted during the year. By October, the service will cover 30 cities and by next year, the network will be extended to 45 more Indian cities.