Low cost airline Air Deccan intends to raise private equity of $50-60 million and was in discussion with seven players in this context, its managing director G R Gopinath said in Bangalore on Thursday.
He told reporters that the exercise would be completed in the next 30-45 days but declined to talk about dilution of stake in the company as a result of it.
Meanwhile, Air Deccan and ICICI Bank on Thursday announced the launch of "ICICI Bank Air Deccan Travel Agents Purchase Card" and claimed that it was the first co-branded card initiative aimed at the travel agents.
This is the first purchase card product in India with Visa, Gopinath and ICICI Bank's head (retail business) V Vaidyanathan said.
"Operating in a closed user group environment, the co-branded purchase card will allow travel agents to purchase air-tickets through Air Deccan's online centralized reservation system on instant payment basis, thus obviating the need for making advance payments or payments through retail credit cards," officials said.
Further, this option would allow travel agents to enjoy up to a 40-day interest-free credit period from ICICI Bank.
ICICI Bank has tied-up with Travel Agents Association of India, and credit would be offered to the travel agents based on the recommendation of TAAI, it said.
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