GoAir looking for foreign partner

Aviation — By on May 18, 2013 at 8:56 am

GoAir has appointed investment bank JPMorgan to scout for a foreign strategic partner to buy up to 49 per cent stake in the low-cost passenger carrier, four people close to the development said. “GoAir is in talks with three to four overseas airlines from Europe and the Middle East to sell up to 49 per cent stake,” an investment banker with direct knowledge of the development was quoted as saying in a report in The Economic Times. “The company is in talks with German carrier Lufthansa and Dubai-based Emirates and Qatar Airways, among others,” said a second investment banker, adding, “It is very early to divulge more details.” The Wadia Group, which owns 100 per cent of the airline, has been trying to raise money as it rapidly expanded its fleet and connected more destinations.

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