November 20, 2018 / 2:01 AM / 24 days ago

Tatas to go slow on deal to acquire debt-laden Jet Airways - Times of India

FILE PHOTO: A Jet Airways plane is parked as other moves to runway at the Chhatrapati Shivaji International airport in Mumbai, India, February 14, 2018. REUTERS/Danish Siddiqui/File Photo

(Reuters) - Indian conglomerate Tata Sons Ltd [TATAS.UL] will go slow on a deal to buy Jet Airways (India) Ltd (JET.NS) after some directors expressed reservations at an inconclusive board meeting last Friday, the Times of India reported on Tuesday.

The directors are asking for more details on the deal at the next board meeting, expected in the third week of December, the paper said, citing people close to the development.

“You can’t rush into a complex situation that could cost the group up to $2 billion (143.21 billion rupees) without doing serious homework,” the paper quoted one source as saying.

Another source indicated that the board may want a full-blown due diligence report by a reputed firm before taking a call, the paper added.

Tata Sons last Friday said it was in preliminary talks with struggling Jet Airways but had not made a proposal to buy a stake.

Tata Sons and Jet Airways did not immediately respond to a request seeking comment outside regular business hours.

Reporting by Mekhla Raina in Bengaluru; Editing by Gopakumar Warrier

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