Govt denies approval for Jet Airways-Jet Lite merger
The merger proposal was approved by the board of Jet Airways in September 2015 and was later cleared by the airline's shareholders in April 2016.
In April 2007, Jet Airways had acquired Sahara Airlines for Rs 1,450 crore after an arbitration award and the latter was renamed as JetLite.
The merger would lead to greater efficiency in cash management of the merged entity and "unfettered access to cash flow generated by the combined business which can be deployed more efficiently to maximise shareholder value", the airline had said in April 2016.
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