Click to play videoNew Delhi: Vice-Chairman of Kingfisher Airlines Captain GR Gopinath is looking to buy back Air Deccan from Vijay Mallya.
Gopina started the concept of low cost carrier with Air Deccan but in May 2007 Kingfisher's Mallya bought 26 per cent stake in Deccan for Rs 550 crore.
Mallya later acquired another 20 per cent through an open offer and his overall investment in Air Deccan is now over Rs 1000 crore.
But Gopinath was unhappy with the fact that the identity of his low cost carrier has not been kept alive as per the initial understanding.
He admitted that the aviation industry was facing turbulence and added that alliance between Kingfisher Airlines and Jet Airways was good for the industry.
Meanwhile, Jet has announced that it would sack 850 employees.
The Aviation Industry is facing a difficult time due to the ongoing global financial crisis and high fuel prices and the CEO's of domestic airlines will be meeting on Wednesday morning to discuss a bailout package with the Union Civil Aviation Minister Praful Patel.
The sector is staring down at losses of over Rs 4,000 crore and wants a financial bailout of about Rs 5,000 crore, which could be a mix of soft loans and decrease in high aviation turbine fuel (ATF) taxes to a uniform four per cent across the country.
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