Jet Airways announced that India's Ministry of Civil Aviation has not approved the scheme for its merger with subsidiary Jet Lite. As a result, the scheme stands revoked and canceled.
Jet Lite, operating as Air Sahara at the time, was acquired by Jet Airways in April 2007 for approx. US$215 million.
Despite receiving shareholders’ approval in 2017 for the proposed merger, it was still rejected by regulators. Jet Airways, which had hoped to improve its cash flow efficiency post-merger, still plans to reduce its debt over the next 2-3 years by utilizing operating cash flow.
Both carriers will continue to operate as two separate legal entities.