Jet Airways, low cost subsidiary Jet Lite merging
Indian full service carrier Jet Airways will merge with wholly owned subsidiary low cost carrier Jet Lite, following agreement from the respective boards of directors.
"The merger of Jet Lite into Jet Airways is a key step to strengthen Jet Airways’ operations and create a seamless organisation, delivering exceptional service to its guests," said Naresh Goyal, Jet Airways chairman.
Jet Lite will become part of Jet Airways but will continue to be operated as a separate entity.
The merger will streamline operations of Jet Airways’ domestic network and provide synergies in compliance and administration and reduced costs, the company said.
The markets agreed, with shares in Jet initially rising 5% following the news.
Jet Airways shares finished the day up more than 2% on Thursday.
The loss making low cost carrier was established after Jet Airways acquired Sahara Airlines in 2007 and renamed it to Jet Lite.
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