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The Tata group is in talks to acquire a majority stake in the airline Jet Airways and its loyalty program, the television news channel CNBC-TV18 reported Monday, citing sources.
The airline owned by the founder of Jet Airways, Naresh Goyal, and the 24% stake of Etihad Airways, reported the channel.
Tata said in a statement that he would not comment on the speculations. Jet Airways has not responded to a request for comment.
Jet Airways shares jumped in the media, closing up 10% on Monday.
The Indian aviation market is growing by 20% a year. Rising oil prices, high fuel taxes, low rupee, low tariffs and intense competition pushed carriers to red.
Jet Airways loses losses and is struggling to pay wages and rent rents. The airline, looking for an injection of funds, announced in August that it would reduce its costs by more than 20 billion rupees ($ 274 million) in two years and planned to raise funds by selling a stake in his loyalty program.
Tata already owns two airlines in India – the full-service carrier Vistara, in partnership with Singapore Airlines and AirAsia India, and AirAsia Berhad.
Tata's goal is to merge Jet and Vistara, sources told CNBC-TV18. It would also purchase Jet Airways' Jet Privilege loyalty program.
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