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Aviation
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Govt
not to intervene in Jet-Sahara deal: Patel
New
Delhi: Civil Aviation Minister Praful Patel on Tuesday said that the
Government has nothing to interfere in the famous Rs 2,300 crore Jet-Sahara
deal. Speaking to the reporters after issuing new guidelines for mergers
and acquisitions in the Indian aviation industry, Patel said, "If they
want to run a separate company they can. If they want to merge, they can.
It really does not matter to me." Terming the mergers as the order of
the day, he said that it is a non-government's issue. Jet Airways, which
purchased Air Sahara for an enterprise value of $500 million on January
19 this year, is likely to be the immediate beneficiary of the latest
guidelines. On March 31, the Aircraft Acquisition Committee (AAC) of the
Ministry of Civil Aviation had proposed allowing 100 per cent transfer
of property including aircraft, routes, and parking bays, when one company
buys out another. However, the company that acquires these will not be
allowed to lease or sell these properties after acquiring them. | The
committee, which includes senior officials from the Ministry and the Directorate-General
of Civil Aviation (DGCA), clears proposals relating to acquisition of
aircraft. | When asked whether the guidelines had been framed keeping
in mind the buyout of Air Sahara by Jet Airways, official sources said:
"The guidelines are based on the best international practices followed
globally. These have been done in anticipation as there is still no formal
request from Jet Airways and Air Sahara." Speaking about the proposed
merger of Indian Airlines and Air India, Patel said, "Government has taken
a decision in principle to merge the two airlines. It will be happening
in 2006." Replying query as to whether government has proposal of issuing
initial public offers before the merger, he said, "We are considering
that. We will know about it and the road forward in the next few months."
However, this proposal for merging Air India and Airlines is yet to be
cleared by the Union Cabinet. The Prime Minister, Dr Manmohan Singh, recently
cleared a proposal for merger of the two airlines.
-April
4, 2006
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