Update: GoAir may be open to divesting around 40% stake even as the south-based Paramount Airways has placed a $100-150 million cash buyout proposal to the former. The Chennai-headquartered premium service carrier could lace it with a stake offer to the Wadias in the merged company, sources said.
(Source: ET)
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Madurai-based Paramount Airways is interested in acquiring the Mumbai-based budget carrier GoAir, promoted by the Wadia group.
Sources close to the developments said the investment bankers of Paramount Airways have expressed their interest and initiated discussions with GoAir representatives. The talks, however, have not made much headway as yet as GoAir is reluctant to move ahead.
Paramount Airways, which currently operates only in south India, has firmed up plans to enter the western region. GoAir has only four leased aircraft but Paramount is more interested in its slots, parking bays, pilots and other infrastructure, sources said.
GoAir had earlier indicated its plan to dilute 26-40 per cent equity through a private equity placement.
GoAir's Wadia calls this a baseless speculation.
(Source: Business Standard)
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