Wednesday, May 08, 2013

GoAir scouts for partners to sell 49% stake

Mumbai: GoAir, part of the Nusli Wadia Group, has appointed investment bank JPMorgan to scout for a foreign strategic partner to buy up to 49% in the low-cost passenger carrier, four people close to the development said, signaling the eagerness of Indian carriers to source capital in order to scale up their operations. "GoAir is in talks with three to four overseas airlines from Europe and the Middle East to sell up to 49% stake," an investment banker with direct knowledge of the development said.
"The company is in talks with German carrier Lufthansa and Dubai-based Emirates and Qatar Airways, among others," said a second investment banker involved in the deal. "It is very early to divulge more details," he said. "As a company policy, the airline does not comment on market speculation," GoAir's spokesperson said. The Wadia family owns 100% of GoAir.
08/05/13 Sneha Shah, Manisha Singhal & Maulik Vyas/Economic Times