Mumbai, April 23 (IANS): Private carrier Jet Airways said here that it has received shareholders' approval for the merger of its low-cost subsidiary JetLite with itself.
“At the meeting, the equity shareholders of the company have approved the scheme of merger between JetLite (India) Limited and Jet Airways (India) Limited,” the carrier said in a BSE filing on Friday.
After the due process, the erstwhile Sahara Airlines, which was bought over by Jet Airways for Rs.1,450 crore and re-enshrined as Jet Lite would cease to be a budget carrier and merge with the full service arm of its mother company.
The proposal for the merger was placed in September last year for which the company had sought directions from the court. The High Court had directed to convene the equity shareholders' meet on April 22 to discuss the merger.