Capt Gopinath sells 1% in Kingfisher Air to fund cargo biz

BSE | NSE 10/02/12

Captain GR Gopinath has sold nearly 1% stake in Kingfisher Airlines in the last few days. He said he sold stake to raise funds for his cargo business venture called Deccan Express Logistics.

 

Here is a transcript of Neha Pandey's comments on CNBC-TV18. Also watch the accompanying video.

 

Deccan Express Logistics was in incubation for the last three years. Captain Gopinath said he will invest USD 25 million on it and the company has already leased 100 acres of land from the Maharashtra government in Nagpur for 60 years.

 

Captain Gopinath said that they are in process of putting together the logistics, IT and warehousing departments. The company has recruited 100 people, mostly former FedEx, UPS and DHL employees. Jude Fonseka (former MD - Sales of FedEx) has been appointed as the CEO of Deccan Express. He added that he is looking to expand to 95% of India's GDP and will look at the international market via the Middle East and South East Asia.

 

The aim of the business is to provide a complete integrated end-to-end logistics solution and also to build a robust supply chain for the country.