GoAir not selling stake to Paramount: Wadia

GoAir not selling stake to Paramount: Wadia
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First Published: Sun, Oct 04 2009. 11 35 PM IST
Updated: Sun, Oct 04 2009. 11 35 PM IST
Mumbai: Wadia Groupâ’s GoAirlines (India) Pvt. Ltd, which runs low-fare carrier GoAir, on Sunday denied that it is in talks for a stake sale with Chennai-based full service carrier Paramount Airways Ltd. A media statement by GoAir on Saturday, was followed by a second statement on Sunday, by GoAir managing director Jeh Wadia denying any move to sell stake to Paramount Airways, as a section of media reported.
M. Thiagarajan, managing director, Paramount Airways, also denied any talks with GoAir for a possible acquisition. In its Sunday statement, GoAir said it is gaining industry leadership position and as a result it is getting several investment proposals. GoAir, for the record has a market share of 5.7% between January to August 2009, while Paramount during the same period had a market share of 2%. The decision taken by the board of the company is not to proceed with any such proposal and focus on its Business plan of inducting to its existing fleet of 8 aircraft, another 12 aircraft, completing its order of 20 Airbus’s which the company bought in the year 2007 for $1.2 billion, the statment said.
GoAir, 8 brand new A320 aircraft, currently flies to 12 destinations with 377 weekly flights. Paramount Airways flies to across 16 destinations across India and operates 72 flights daily carrying over 3600 passengers every day.
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First Published: Sun, Oct 04 2009. 11 35 PM IST