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VRL Logistics' promoters dump airline plan, to launch regional TV channel instead

VRL Logistics' promoters dump airline plan, to launch regional TV channel instead

The promoters of VRL Logistics, who had said in May that they intend to launch a regional airline, have informed the stock exchanges that they are not going ahead with that plan.

The promoters of VRL Logistics, who had said in May that they intend to launch a regional airline, have informed the stock exchanges that they are not going ahead with that plan.

It may be recalled that the Hubballi, Karnataka-headquartered promoters of VRL Logistics on 23rd May, had announced that they intend to launch a regional airline in their personal capacity. They had also indicated that they might dilute up to 10 per cent of their 69 per cent stake in VRL Logistics in order to fund the new venture.

The company's shares had crashed by around 40 per cent in the two days after the announcement was made and till date has not recovered fully.

However, in a filing to the exchanges today, they said in light of the new aviation policy, they have decided not to enter the segment.

What is also interesting, however, is that the VRL group promoters have said they intend to launch a regional television channel. The new channel is expected to focus on news segment in Karnataka.

Speaking to Business Today exclusively, Anand Sankeshwar, the MD of VRL Logistics said the TV channel is likely to be launched in "the next couple of months". Sankeshwar added that the new venture will be under the privately held VRL Media Ltd, which already runs a Kannada newspaper Vijayvaani. He however refused to elaborate on other plans for the new television venture.

 

Published on: Jul 20, 2016, 7:55 PM IST
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