A Cayman Islands-domiciled private equity fund has offered a package deal which could result in it acquiring Deccan 360, the ailing air cargo operator founded by low-cost aviation pioneer G R Gopinath, a person directly involved in the negotiations said. Redclays Capital has offered to help raise $50 million ( 250 crore) for Gopinath's aviation services company Deccan Charters and buy Deccan 360 for between $2 million and $5 million, the person said, requesting anonymity. If the transaction is finalised, it will mean that Gopinath and Mukesh Ambani-controlled Reliance Industries, the main shareholders in the moribund freight and logistics company, will have to cede ownership in what will essentially be a fire sale. Reliance, which paid about 110 crore in April 2010 for a 26% stake in Deccan 360, declined to comment for this story, as did Redclays managing director Srini Chakwal. Gopinath, too, did not reply to an email and phone calls.
Source: Economic Times
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