No proposal made for Jet Tata Sons

Mumbai, Nov 16 (UNI) The Tata Sons, the holding company of the Tata Group firms, said here on Friday that discussions on acquiring a stake in the financially troubled Jet Airways at a preliminary stage and that no such proposal has been made so far.

In a statement issued here after its Board meeting, the company said “Over the last few days there has been growing speculation in the print and electronic media about Tata’s interest in Jet Airways.”
“We would like to clarify that any such discussions have been preliminary and no proposal has been made.”

On Thursday, Jet Airways dismissed recent reports of its likely merger with Tata SIA Airlines stating that there were no such discussion in the company’s Board.

Today’s clarification came with reference to raging speculation since a month in some sections of the media about Tata’s reported interest in investing in the beleaguered Jet Airways, in which UAE’s Etihad Airways has a 24 per cent stake.

Reports of Tata’s interest in Jet Airways had boosted market sentiments for the latter, though in mid-October it termed such reports as mere ‘speculation’.

According to industry experts, the proposed Tata-Jet deal could have helped Tata consolidate its own expanding aviation business comprising two airlines.

Currently, Tata has a stake in the Malaysian low-cost carrier AirAsia and operates a joint venture airline, Air Vistara with Singapore Airlines (SIA) since 2015. 

The Insides Speak.