Indian airlines Paramount Airways and GoAir have played down reports that they are engaged in acquisition talks which would make the combined entity control nearly 8 percent of the domestic aviation sector. On Saturday, reports began making rounds that Chennai-based Paramount Airways, which is promoted by M. Thiagarajan, and Mumbai-based GoAir, the budget carrier promoted by the Wadia Group, were close to agreeing a cash-and-stock deal whereby the Wadia Group would sell GoAir to Paramount for Rs.100-150 crore and also get a stake of 7-8 percent in Paramount in return. The rumors grew stronger as GoAir has nearly a debt of Rs.400 crore in its books and the sale would have helped the airline retire some of its debts. […]