Go Air may offload 40% to Paramount
YET another tango in the sky has taken wing. Nusli Wadia and M. Thiagarajan, both primarily in the textile business but also fighting for a pie in the sky, appear to have embarked on a complex corporate manouvering in a fast-consolidating airline industry.
Nusli Wadia Group’s GoAir and Paramount Airways, part of the six-decade-old Thiagarajar Mills, are said to be in talks to meet the challenges post-mega mergers in the Indian aviation space.
GoAir may be open to divesting around 40% even as Paramount has placed a $ 100-$ 150 million cash buyout proposal. The premium service carrier could lace it with a stake offer to Wadias in the merged company, sources said. Significantly, the proposal comes at a time when Nusli Wadia is reportedly reviewing his group’s future in the bleeding aviation sector. The Wadias could be veering towards a strategic alliance given their history of exiting loss-making businesses.
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