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Jet says reports of Tata bid to buy it speculative, nothing to disclose yet

A section of media has reported that Tata group is conducting due diligence of Jet Airways to buy the full-service carrier

Press Trust of India  |  Mumbai 

Jet Airways

Struggling carrier on Tuesday termed media reports of Tata group carrying out due diligence to acquire the airline as "speculative".

In a response to the clarification sought by the BSE on the reports, (India) said, "...the subject is speculative in nature and that there is no discussion or decision in the board which would require a disclosure..." Separately, its deputy chief executive and chief financial officer, Amit Aggarwal, in the post-earnings analysts call on Tuesday, also termed the reports speculative and said that unless something materialises, the company will not comment.

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"We can't comment on speculations.

We have very clearly stated time and again that once something materialises, we will talk it through. Otherwise, we are not commenting on any speculation," he said.

Earlier, a section of media had reported that Tata group is conducting due diligence of to buy the full-service carrier from its owner, Naresh Goyal.

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The BSE had sought clarifications from the carrier on the reports.

The cash-strapped airline, in which gulf carrier Etihad Airways holds 24 per cent stake, is looking to raise funds and has appointed merchant bankers to tie-up with potential investors.

ALSO READ: No end to Jet Airways' free fall: Will the airline go Kingfisher's way?

The airline on Monday reported its third consecutive quarterly losses with a consolidated net loss of Rs 12.61 billion in the September quarter, roiled by higher fuel cost that soared 59 per cent, and a steep rupee fall that led to a sevenfold spike in forex losses.

ALSO READ: Hit by fuel costs, Jet posts 3rd straight quarterly loss at Rs 12.97 bn

First Published: Tue, November 13 2018. 19:40 IST