Reliance Industries (Reliance) had on April 16, 2010 announced that it would acquire a controlling stake in the Captain Gopinath founded Deccan 360, an air-cargo company..Reliance Retail, a subsidiary of Reliance has become a major player in the retail sector with stores in over 200 cities. Reliance favourite, AZB & Partners with Partner Shuva Mandal advised the petroleum major. This deal is in a long line of matters in which the firm has assisted Reliance..The firm is currently in the process of drafting and negotiating agreements related to the transaction including subscription agreements and a shareholders’ agreement..A wholly owned subsidiary of Reliance will be acquiring the stake in Deccan 360 a company started by Gopinath with his personal money, which he raked in when he sold Air Deccan to Kingfisher Airlines.
