Bennett, Coleman eyes stake in Paramount Air

Bennett, Coleman & Co, parent company of the Times group, has evinced interest in picking up minority stake in the Tamil Nadu-based low-cost carrier Paramount Airways.

"Bennett, Coleman & Company is eyeing stake in the Paramount Airways which operates four flights a day," said an industry source.

Officials from Bennet, Coleman & Company confirmed the move but said nothing was finalised yet.

The source also added that several private equity firms and investments houses have evinced interest in buying into Parmount Airways.

Paramount, which is promoted by a Madurai-based industrial house and has its headquarters in Coimbatore, commenced operations on October 19 this year.

The move to pick up stake is in line with the company's strategy to offer preferential advertising rates across its product portfolio to companies in which it owns a minority stake.

Earlier, the Bennett, Coleman & Co picked up a 4.34 per cent stake in retail major Pantaloon and 1.13 per cent in Videocon Industries with a similar kind of arrangement.

"We are not considering offloading any stake at this moment as we are equipped with adequate funds for our expansion programme," a company official said.

Meanwhile, Paramount Airways has ordered five more Embraer aircraft which would be delivered in nine months.