Tata Sons chairman N Chandrasekaran, after consulting with other directors of the board, has decided to slow down on the deal with Jet Airways, reported The Times of India, citing sources.
The group on Friday had confirmed its interest in Jet Airways but had said that the ongoing discussions on buying stake in debt-laden airline were preliminary and no proposal had been made.
The board of the salt-to-steel conglomerate is likely to meet in the third week of December, by which these directors would like to have more information about the deal, said the TOI report, citing sources close to the development.
“You can’t rush into a complex situation that could cost the group up to $2 billion without doing serious homework,” the report quoted one of the sources as saying so.
The board may also consult a reputed firm for a full-blown due diligence report before taking any concrete decision on the possible M&A, the report added.
Multiple sources had earlier told CNBC-TV18 that Chandrasekaran was pitching for the acquisition of cash-strapped Jet Airways, even as Chairman Emeritus Ratan Tata had reservations about the proposed deal.