Jet chief at Kingfisher office to discuss possible alliance
Jet Airways owner Naresh Goyal today held wide ranging consultations with his counterpart Vijay Mallya of Kingifisher Airlines to work out a joint strategy.
By PTI |
MUMBAI: Jet Airways owner Naresh Goyal, along with his top team, today held wide ranging consultations with his counterpart Vijay Mallya of Kingifisher Airlines to work out a joint strategy for overcoming problems caused by the aviation downtrend amid possibility that the exercise could lead to an operational alliance.
Goyal, accompanied by CEO Wolfgang Prock Schauer; COO Sudheer Raghavan, who is also the head of international operations, marketing head Sonu Khadani and General Manager, investor relations, K G Viswanath made a dramatic appearance at Kingfisher's Ville Parle office for a late evening meeting.
The team was received by Vijay Mallya, who was accompanied by his top executives. The meeting assumes importance in the wake of the two carriers, which account for close to 60 per cent of domestic market share, facing severe financial pressure arising out of high fuel prices and global meltdown.
Sources said that the two sides are possibly talking about a joint operational alliance to cut costs for better operational and maintenance synergies.
They, however, maintained that a merger is not immediately on the cards but did not rule out such a development as a last resort.
Earlier, there were reports that Mallya had walked into Jet's office during the day to meet Goyal but spokespersons of the two sides had not confirmed such a meeting.
Goyal, accompanied by CEO Wolfgang Prock Schauer; COO Sudheer Raghavan, who is also the head of international operations, marketing head Sonu Khadani and General Manager, investor relations, K G Viswanath made a dramatic appearance at Kingfisher's Ville Parle office for a late evening meeting.
The team was received by Vijay Mallya, who was accompanied by his top executives. The meeting assumes importance in the wake of the two carriers, which account for close to 60 per cent of domestic market share, facing severe financial pressure arising out of high fuel prices and global meltdown.
Sources said that the two sides are possibly talking about a joint operational alliance to cut costs for better operational and maintenance synergies.
They, however, maintained that a merger is not immediately on the cards but did not rule out such a development as a last resort.
Earlier, there were reports that Mallya had walked into Jet's office during the day to meet Goyal but spokespersons of the two sides had not confirmed such a meeting.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
