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Ashwini Phadnis

New Delhi June 1 With mergers and acquisitions on the rise in the aviation sector, the Madurai-based Paramount Airways is also examining a proposal to pick up a stake in an existing airline, the Managing Director, Mr M. Thiagarajan, has said.

"An airline has requested us to become a strategic financial investor and also take part in the management of that airline. At the moment we are examining the proposal. We are ready to buy-out another airline provided the valuation is right and there is synergy in operations," Mr Thiagarajan told Business Line.

He refused to divulge just yet the identity of the airline.

If the proposal goes through, it would see Paramount doing away with the brand that it will acquire. "We have a strong brand and another is not required," he added.

Paramount maintains that the recent buy-out and mergers in the Indian aviation sector had not forced it to look at growing through acquisition.

"We have a niche product, which has been well received in the market. We are the market leaders in South India, will expand into the western region soon and have an all-India presence by 2010-11," Mr Thiagarajan said.

GoAir recently announced that it had received proposals from high net individuals and foreign institutional investors wanting to pick up a stake in the carrier.

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