Air Deccan will not sell more stake to UB Holdings

Date posted: 27-Jun-07: GR Gopinath, Chairman of Deccan Aviation, states none of its promoters would sell their stake in Air Deccan to UB Holdings, should it fail to acquire the required 20% stake from the open market.This has put to rest media speculation that the 11.38% stake held by SL Ladhani and his family would be sold to UB Holdings. The lock-in period for Ladhani and his family members ended on 02-Jun-07 .Speaking to Thomson Financial News after the companys shareholder meeting, Gopinath said the company may soon raise air fares by about INR600-1,000, and the Indian airliners maiden international flight will be to the Middle East, followed by Singapore and Bangkok. Air Deccan hopes to begin international operations by 2008. Deccan Aviation had sold a 26% stake to UB Group company Kingfisher Airlines on 31-May-07. Put together, the Kingfisher-Air Deccan combine will have the largest fleet, route network and market share in India. The two companies have 71 aircraft, 70 destinations and 33% market share.

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