RIL announces strategic investment in Deccan 360
Mukesh Ambani-led Reliance Industries today forayed into the aviation space as a "strategic investor" in captain Gopinath-founded cargo airline Deccan 360.business Updated: Apr 16, 2010 14:28 IST
Mukesh Ambani-led Reliance Industries on Friday forayed into the aviation space as a "strategic investor" in captain Gopinath-founded cargo airline Deccan 360.
While the quantum of investment could not be ascertained immediately, RIL said that a wholly-owned subsidiary would provide "growth capital" for the new cargo airline.
"We believe that our collaboration with Deccan 360 will see a transformation in the logistics domain in India," RIL's Chairman and MD Mukesh Ambani said in a statement.
RIL's investment would help Deccan 360 increase its air and surface network coverage across the country, the company said.
Deccan 360 is developing a 50-acre hub at Nagpur in Maharashtra and currently has eight freight aircraft covering 15 airports and a fleet of over 300 trucks and 850 vehicles nationwide.