Thursday, June 29, 2006

Patel hits back at Jet for passing the buck

New Delhi: Government on Wednesday hit back at Jet Airways for blaming the Centre for its proposed Rs 2,300-crore acquisition of rival Air Sahara going sour.
Stating that mergers and acquisitions policy for the civil aviation sector was announced in Parliament in May -- well before the Jet-Sahara agreement was to expire -- civil aviation minister Praful Patel said government cannot be held responsible if any party is dissatisfied with its policy decisions.
Within hours of this retort, Jet watered down its stand and said no agency is to be blamed for failure of the deal. The deal, it said, has lapsed because conditions precedent were not met.
"The policy cannot be tailor-made to suit any particular airline. " Patel said earlier in the day, in response to Jet's statement on Tuesday, which said slow pace of policy is one of the reasons for the deal's collapse.
29/06/06 Times of India
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