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04-21-2012, 10:03 AM #1
RIL writes off 90% of its investments in Deccan 360
Reliance Industries' subsidiary Reliance Industrial and Investments Holding on Friday said it has written off 90 per cent of investments in aviation cargo and logistics company Deccan 360.
According to the company's results filing to the Bombay Stock Exchange (BSE), the company has written off Rs.107 crore it invested in the company.
"An amount of Rs.51 crore, net of losses recognized in earlier years, has been recognised in the results," the filing said.
Deccan 360 was launched in May 2009 by Air Deccan founder Captain G.R. Gopinath