A PYMNTS Company

India: Gov denies approval for Jet Airways-Jet Lite merger

By  |  May 9, 2018

Jet Airways said on Wednesday, May 9, that the government has not given approval for the merger of its subsidiary JetLite with itself, nearly three years after the proposal was announced by the full service carrier.

The merger proposal was approved by the board of Jet Airways in September 2015 and was later cleared by the airline’s shareholders in April 2016.

In a Bombay Stock Exchange filing, the airline said the civil aviation ministry has not approved the merger of Jet Lite Ltd with itself. Consequently, the merger scheme stands revoked and cancelled, it added.

JetLite is a fully-owned subsidiary of Jet Airways that operates a fleet of 8 Boeing 737s within India. Earlier, JetLite operated with a different brand name, which was called Jet Konnect. But that was discontinued and the airline now operates one full-service brand, Jet Airways.

Full Content: Economic Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.