Sharjah-based investor Zahid Hussein commits $10 million to restructure struggling regional airlines
Air Deccan and Air Odisha, two of India’s regional airlines under the government’s Regional Connectivity Scheme (RCS), are set for a major turnaround. Their new owner, Zahid Hussein – a Sharjah-based Non-Resident Indian (NRI) and Director of Ghalia Petrol LLC – announced an initial investment of USD 10 million (approximately ₹74 crore) to revive and restructure both carriers.
Both airlines, which had launched services on a combined 84 regional routes under the RCS, have temporarily suspended operations due to technical and financial challenges. Hussein confirmed that an immediate infusion of funds is essential to clear existing liabilities and restore operations.
“We are majority stakeholders in GSec Monarch Private Ltd, the holding company of Air Deccan and Air Odisha. The investment comes through our family-owned enterprises, marking a significant Indian investment initiative,” Hussein shared in a recent interview.
Planned Restructuring and Fleet Expansion
The revival plan includes restructuring the airlines’ finances and operations to stabilize their existing fleet of Beechcraft 1900D aircraft. Currently, Air Deccan operates three leased planes, while Air Odisha has one leased aircraft.
Looking ahead, Hussein revealed plans to expand the fleet with ATR aircraft by the second quarter of 2019, subject to financial stabilization and operational readiness.
“The first phase involves a $10 million investment over the next 90 days to resume services and clean up existing obligations. Full operational revival is targeted by February,” he added.
The immediate priority is to restart domestic flight operations, ensuring a safer and more reliable flying experience for passengers. Long-term plans include route expansion and modernizing the fleet for better efficiency.
Sources:
Press Trust of India (PTI). New owner of Air Deccan, Air Odisha plans to invest $10 mln in the embattled carriers. Business Standard. Retrieved from: https://www.business-standard.com/article/pti-stories/new-owner-of-air-deccan-air-odisha-plans-to-invest-10-mln-in-the-embattled-carriers-118103101412_1.html
