Captain GR Gopinath has sold an estimated one per cent stake in Kingfisher Airlines to raise funds for his nascent cargo venture called Deccan Express Logistics. Captain Gopinath had said previously he would invest US$25 million in it, but little progress has been made.

Captain Gopinath said that they are in process of putting together the logistics, IT and warehousing departments and the company has recruited 100 people, mostly former FedEx, UPS and DHL employees. Jude Fonseka, the former MD of sales for FedEx in India – has been appointed CEO of Deccan Express. Captain Gopinath said the aim of the business is to provide a complete integrated end-to-end logistics solution and also to build a robust supply chain for the country.