Air Deccan planned to raise ` 450 crore by selling up to 26 per cent stake to professional investor(s). This was the consequence of a debt that needed to be paid. The situation was grim for Air Deccan. There were pending law suits and some of the top management executives were leaving the company. Apart from Mr Vijay Mallya (MD of Kingfisher Airlines, who wanted a strategic alliance); TPG, Reliance Mutual Fund, Standard Chartered Private Equity, Macquarie Capital, ChrysCapital, Lehman Brothers, General Atlantic, and GIC of Singapore had made offers to invest in Air Deccan. Capt. Gopinath did not want to lose control over the airline. This case focuses on the decision point where Air Deccan was looking for investment partner(s) who would have an alignment of vision on the way ahead.