Ryan joins the fray for Air Deccan stake

Dublin: Ryanair founder Tony Ryan's investment vehicle Irelandia may be eyeing a 26 per cent stake in India's largest low-cost carrier, Air Deccan, for around $100mn. Reports emerging from Ireland would suggest that the Ryan family's Irelandia, and Texas Pacific Group have both conducted due diligence over the last month.

Meanwhile, a number of local players are reported to be manoeuvering to pick up a stake in the low cost carrier. Reliance Anil Dhirubhai Ambani Group, which already holds a 5 per cent stake in Air Deccan, is said to have submitted a serious bid already. Kingfisher Airlines owner Vijay Mallya is also said to be in talks with Capt GR Gopinath, owner of Air Deccan.

These reports have emerged even as the carrier is said to be readying itself for fresh infusion of capital into its operations. The need for fresh capital may be felt by the airline, even as it expands its existing operations and eyes fresh ones, such as cargo.

Ryan's Irelandia already owns a 16 per cent stake in fast growing Singapore airline Tiger Airways, which recently announced that it would set up another carrier in Australia. The Ryan family has also ploughed large sums into setting up a low-cost Mexican airline Viva Aerobus, which commenced services recently.