Deccan 360 in talks to sell off business

The dream project of Captain Gopinath, Deccan 360, did not take off, and now, the maverick entrepreneur is looking to exit. CNBC-TV18 learns that Gopinath is talking to two potential buyers and some PE firms, but the deal is stuck on valuations.

Barely two years into operations, Deccan 360 had stopped its services in May 2011. The company posted a topline of Rs 180 crore in FY11 and has seen losses to the tune of Rs 120 crore. Now, Captain Gopinath is in talks with two business groups and some PE firms to bail out Deccan 360, reports Swati Khandelwal-Jain of CNBC-TV18.
Sources say that bankers have advised Gopinath to even look at debt restructuring as an option. Gopinath however wants to either sell or restructure the company by the end of this fiscal.
It is also possible that Gopinath could retain a minority stake holding in Deccan 360. The biggest stake holder after Gopinath currently is Reliance Industries, which has a 26% stake in the company. RIL has invested about Rs 115 crore in the business. CNBC-TV18 has now learnt that they have stopped further investments after the company stopped operations, and about 1000 employees were laid off. They also are looking at exiting.
When the channel contacted Reliance, they said,