Paramount Airways planning to acquire Wadia promoted GoAir
Airlines and Airports, Market Rumors June 4th, 2007
Paramount Airways planning to acquire Wadia promoted GoAir
Indian aviation market is finally seeing some consolidations. Air India is being merged with Indian. Jet Airways has acquired Air Sahara. Kingfisher Airlines has acquired a stake in the budget airline company Deccan Airways.
The latest rumors in the market is that Madurai-based Paramount Airways is interested in acquiring GoAir which is promoted by Wadia group.
The talks seems to be stuck at the moment considering GoAir does not want to sell itself at the moment.
Madurai-based Paramount Airways currently operates only in the Southern Indian states and are hoping to get a better section of the market with a possible acquisition.
GoAir chief Jeh Wadia in a statement has denied any discussions taking place between the two companies.
He said: “This is baseless speculation. We are going ahead with our expansion plans”.
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Don’t get carried away by this. Mr. T is know to be a big mouth and he simply loves to be in the media. Imagine him acquiring another airline when he is struggling to keep his airlines floating. I have heard from few friends working there that the airlines do not even have adequate ground equipments and is facing problems paying salaries of late.