| Bennett, Coleman & Co, parent company of the Times group, has evinced interest in picking up minority stake in the Tamil Nadu-based low-cost carrier Paramount Airways.
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| “Bennett, Coleman & Company is eyeing stake in the Paramount Airways which operates four flights a day,” said an industry source.
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| Officials from Bennet, Coleman & Company confirmed the move but said nothing was finalised yet.
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| The source also added that several private equity firms and investments houses have evinced interest in buying into Parmount Airways.
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| Paramount, which is promoted by a Madurai-based industrial house and has its headquarters in Coimbatore, commenced operations on October 19 this year.
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| The move to pick up stake is in line with the company’s strategy to offer preferential advertising rates across its product portfolio to companies in which it owns a minority stake.
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| Earlier, the Bennett, Coleman & Co picked up a 4.34 per cent stake in retail major Pantaloon and 1.13 per cent in Videocon Industries with a similar kind of arrangement.
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| “We are not considering offloading any stake at this moment as we are equipped with adequate funds for our expansion programme,” a company official said.
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| Meanwhile, Paramount Airways has ordered five more Embraer aircraft which would be delivered in nine months. |
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