Gautam Adani’s relative buys majority stake in Air Odisha

Bhubaneswar: A day before homegrown chartered carrier Air Odisha is to commence operations as a scheduled commuter, majority stakes of the aviation firm has been acquired by an Ahmedabad-based company.

As per reports, GSEC Aviation and Monarch Networth Capital has acquired 60% stakes in Air Odisha and a new holding company called GSEC Monarch Aviation will take over the operations.

Worth mentioning, GSEC Aviation is owned by Rakesh Ramanlal Shah, brother-in-law of Adani Group chairman Gautam Adani.

This development comes a day ahead of Air Odisha’s maiden flight to Mundra from Ahmedabad.

Notably, the private carrier has bagged 50 routes under the Regional Connectivity Scheme (RCS) –UDAN (Ude Desh Ka Aam Naagrik), which aims to connect small towns with affordable service.

The journey of the Bhubaneswar-based chartered carrier had been embroiled in several controversies over financial transactions.

A renowned hotelier-turned-politician’s son and a jewellery retailer’s owner had dragged the Radhakanta Pani family to court over financial misappropriations.