Paramount Says It Prefers Acquisitions, Not Mergers
March 17, 2008
Paramount Airways has announced that it does not intend to merge with any other airline in India after a few low-cost airlines approached the Madurai-based company to take over the company, reported the Press Trust of India.
Paramount has refused the offers saying that the company is a profit-making organization and its business model is not suited for running low-cost airlines.
M Thiagarajan, managing director or Paramount, said: “We are making profits. We are looking at acquisitions. Why should we merge with any other airline?”
Paramount is likely to start operations in the western sector from June or July 2008 with the first base being Pune and Goa. The airline later intends to start operations from Ahmedabad, Baroda and Mumbai.