MUMBAI: Indian conglomerate Tata Sons is undertaking due diligence on Jet Airways as it explores the acquisition of a controlling stake within the cash-strapped airline, a newspaper reported on Tuesday mentioning two other folks directly acutely aware of trends.
Saurabh Agarwal, leader monetary officer of Tata Sons, is main the discussions whilst Jet Airways is represented by its chairman Naresh Goyal, the newspaper stated, mentioning the sources who it stated requested to not be identified because the talks are non-public.
"An in-house team of Tata Sons is currently conducting due diligence on Jet Airways, which is expected to continue for the next few weeks," the newspaper quoted one of the most two other folks as pronouncing.
Reuters may no longer straight away succeed in Tata Sons or Jet Airways for remark on the document.
After posting its 3rd consecutive quarterly loss on Monday, debt-laden Jet Airways stated it planned to chop flights on much less profitable routes and upload capacity in additional profitable markets, as part of efforts to decrease costs and spice up earnings.
A mix of emerging oil prices, top gasoline tax, a vulnerable rupee, low fares and price battle has seen benefit dive on the planet's fastest-growing aviation marketplace, which is clocking 20 in step with cent annual passenger expansion.
Saurabh Agarwal, leader monetary officer of Tata Sons, is main the discussions whilst Jet Airways is represented by its chairman Naresh Goyal, the newspaper stated, mentioning the sources who it stated requested to not be identified because the talks are non-public.
"An in-house team of Tata Sons is currently conducting due diligence on Jet Airways, which is expected to continue for the next few weeks," the newspaper quoted one of the most two other folks as pronouncing.
Reuters may no longer straight away succeed in Tata Sons or Jet Airways for remark on the document.
After posting its 3rd consecutive quarterly loss on Monday, debt-laden Jet Airways stated it planned to chop flights on much less profitable routes and upload capacity in additional profitable markets, as part of efforts to decrease costs and spice up earnings.
A mix of emerging oil prices, top gasoline tax, a vulnerable rupee, low fares and price battle has seen benefit dive on the planet's fastest-growing aviation marketplace, which is clocking 20 in step with cent annual passenger expansion.
'Tata Sons begins due diligence to buy Jet Airways'
!['Tata Sons begins due diligence to buy Jet Airways']()
Reviewed by Kailash
on
November 14, 2018
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