Govt denies complicity in Jet-Sahara deal failure

New Delhi, June 28: The government said today that merger and acquisition policy for the civil aviation sector is not tailor-made to suit any airline but based on the best international practices.

''The policy cannot be tailor-made to suit any particular airline. The government is very clear on this issue. The policy that is broadly in place is based on best international models and practices,'' said civil aviation minister Praful Patel.

He was replying to questions relating to a statement by Jet Airways yesterday in which the airline indicated that delays in the framing of policies and granting clearances led to the collapse of its Rs 2,300 crore takeover deal with Air Sahara.

In a statement, Mr Patel said: ''If someone had any grievances, they are free to approach the government for clarifications. But the government is not answerable to anyone.'' Jet had said that though reform and liberalisation in the aviation sector had been fast-paced, the policy changes in such key sectors have their own time frame.

''Commercial transactions, however, have their own time frame based on financial and other techno-commercial compulsions. On account of this, the time limits in the share purchase agreement (between Jet and Air Sahara) have expired before the conditions precedent have been met,'' the airline statement had said.

UNI

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