No equity dilution to fund acquisition: Jet

Jet Airways will fund the Rs 2,300 crore Air Sahara acquisition through internal resources even as its board is scheduled to meet on January 21 to consider a proposal to raise funds.

"We are going to raise funds from our own resources. At present, we have no plans for further dilution of shares," Naresh Goyal, chairman of Jet Airways, said today.

Referring to the liabilities of Air Sahara, he said Jet will not take any of them. "Liabilities are their problem. I am not going to take any liability through this acquisition. I am taking the airline business only," Goyal said.

Jet has appointed a special integration team for the complete implementation of the merger, he added. "We have appointed a team for the implementation of the merger. The consolidation of the airlines will take place after getting approvals from the necessary regulatory bodies," Goyal said.

Jet, which had seen its market share slip below 40% after the emergence of no-frills airlines and competition from other carriers, expects to increase the market share to 45% with the acquisition.