After logging out of the passenger air traffic space last year, Captain GR Gopinath is now seeking to acquire two of NACIL?s (National Aviation Company of India Ltd) ageing aircrafts, say sources. Gopinath is all set to enter the logistics segment, called Deccan Express Logistics, with an initial investment of $25 million. NACIL is the merged entity of Air India and Indian.

When contacted to confirm the development, Gopinath told FE, ?In the past six months, I have acquired three A310 aircraft through Air India from a private party. But I am not in talks with the carrier to acquire any aircraft. Yet I shall check with my logistics division.?

It may be noted that Gopinath has already leased 100 acre of land from the Maharashtra government in Nagpur for 60 years and has plans to acquire ten cargo aircraft. He had earlier told media persons that the aim of his cargo business is to provide a complete integrated end-to-end logistics solution and also to build a robust supply chain for the country.

So far, Gopinath has put in $15 million, largely by selling portions of his stake in Kingfisher Airlines. Second, he is also looking for PE funding of nearly $50 million.

Meanwhile, Jitendra Bhargava, executive director (PR), of Air India said, ?Gopinath has not approached us as of now.?

However, on the financial side, the reserve price for each of the older Boeing aircraft at Air India? is approximately $60 million, while that of old Airbus aircraft is pegged at $20 million each. Of the 147 aircraft in the Air India fleet, eight are freighters (all from Air India), including four Boeing 737-200s and four Airbus A310-300s.

Also, cargo aircraft can carry between 15 and 20 tonne. Air India proposes to aggressively lease or sell some of its freighter planes to increase revenue from cargo operations by 10% to around Rs 900 crore by the end 2008-09. The carrier has logged a loss of Rs 2,100 crore for 2007-08.

According to an analyst working with a Mumbai-based broking firm, ?It makes a smart business proposition for Air India to either lease or sell its older aircraft. Like other airlines, Air India is also hit by the global financial meltdown, coupled with mounting losses.?