Low-cost carrier Deccan and Vijay Mallya-led Kingfisher Airlines on Wednesday decided to merge and create a single corporate entity to cut down operational costs and accelerate their journey to profitability.

The boards of the two private airlines at a joint meeting unanimously decided after management consulting firm Accenture in its report recommended their merger for greater operational and marketing synergies.

Details of Deccan-Kingfisher merger, valuations and swap ratio will be worked out by accountancy firm KPMG.

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