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Mallya Books 26% in Air Oeccan for 550 cr
THE king of good times, Vijay Mallya, appears to be interested in low-brow stuff as long as it makes business sense. He has struck a deal to pick up 26% in a preferential allotment by Air Deccan, which clearly gives him an opportunity to gain management control over the company that pioneered low-cost flying in the country.
The deal comes at a cost of Rs 550 crore (Rs 155 per share in the company) and will require him to make an open offer to pick up another20% stake.
Mr. Mallya’s UB Holdings, which made the bid for Air Deccan, and Capt GR Gopinath, whose vision and faith in the bottom of the pyramid led to the creation of Air Deccan, separately announced that the friendly bid has been accepted.
Both the airlines will remain as separate entities but benefit from the synergies of combined operations. Capt Gopinath will remain chairman of Air Deccan, which will now have a CEO as well while Mr. Mallya will be the vice-chairman. Effectively, Mr. Mallya will control a low-cost and premium airline. Kingfisher and Air Deccan will together have 71 aircraft covering 65 destinations and a market share of about 33%, way ahead of rivals.
The deal, which the two parties have been denying for long, represents a turning point in the consolidation process of the airline industry. A compelling reason for this marriage was that the merged entities of Air India and Indian and Jet and Sahara—both plan to offer premium and low-cost services—drove Kingfisher and Air Deccan into each other’s arm.
An- other equally strong reason appears to be financial crunch Air Deccan has been facing. It made a loss of over Rs 200 crore Capt Gopinath will last quarter and is believed to be losing at the rate of Rs 2 Crore a day since then.
Capt. Gopinath has been looking for cash infusion through equity funding for a while and was in talks with several in-the vice-chairman interested parties, five as he himself said, including the Anil Ambani Group. While he consistently maintained that he was looking for a strategic partner, it now appears he has been in talks with Mr. Mallya for quite a while. Sources in UB said although talks had been going back and forth for a while and Capt Gopinath was looking at all options to raise $ 100 million, the doors to acquire a large stake opened up in the last four days, after which the two sides burnt the midnight oil to work on the fine print.
The deal is structured in such a way that UB on Thursday made an upfront payment of Rs 150 crore while the balance will be paid once both the companies secure shareholder approval for the preferential allotment. Sources in UB said starting Friday, UB will have a representative to oversee Air Deccan’s operations and work quickly to bring in efficiencies of operations at all levels.
Mr. Mallya’s control over Kingfisher and Air Deccan will put some pressure on other standalone low-cost carriers like Spice-Jet, Indigo and Go Air. With this consolidation, the big three players—Al-Indian, Jet-Sahara and Kingfisher-Air Deccan— will be able to bring in some price stability in the industry.
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