Paramount drops acquisition plan; to focus on expansion

New Delhi: The Madurai-based Paramount Airways has dropped plans of acquiring a low-cost airline and instead plans to concentrate on induction of wide body aircraft and expansion into the international market.
The airline’s Managing Director, Mr M. Thiagarajan, told Business Line that the plans of acquiring an airline had been dropped as the business model of running a low-cost airline and the one followed by Paramount Airways were “diametrically opposite.”
For close to seven months, Paramount Airways had been examining a proposal to pick up a stake in an existing airline in which the South-based airline had the option of becoming a strategic financial investor.
While officials were not forthcoming on the name of the airline in which Paramount was looking to pick up a stake, sources indicated that they had been in talks with the Delhi-based SpiceJet Airlines.
27/02/08 Ashwini Phadnis/Business Line

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Categories: Paramount Airways feb 2008