Chennai, Oct 3 Chennai-based business-class airline Paramount Airways Saturday denied reports that it was in talks with GoAir for a takeover.

A Paramount spokesperson termed media reports on this as "speculation". "There is no truth in it. We deny it," the spokesperson told IANS.

Paramount Airways managing director M. Thiagarajan could not be reached for comments despite repeated attempts.

According to the reports, Paramount was in talks with Jeh Wadia's Go Airlines, offering to pay about Rs.150 crore in cash, and takeover the budget airline's debt of about Rs.400 crore, as also its management. (IANS)