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The question is asking us to identify the pair that is not correctly matched. Let`s examine each option:
1) Hindalco Industries:Novelis - This pair is correct. Hindalco Industries is an Indian multinational company and Novelis is its subsidiary that specializes in aluminum rolling and recycling.
2) Tata Steel:Corns Group - This pair is incorrect. There is no known association between Tata Steel and Corns Group. Therefore, this option is not correctly matched.
3) Jet Airways:Air Sahara - This pair is correct. Jet Airways is a well-known Indian airline, and Air Sahara was another Indian airline that was acquired by Jet Airways in 2007.
4) Kingfisher Airlines:MDLR Airlines - This pair is incorrect. Kingfisher Airlines was an Indian airline that ceased operations in 2012. MDLR Airlines, on the other hand, was a regional airline based in India. There is no known association between the two. Therefore, this option is not correctly matched.
From the analysis above, option 4 (Kingfisher Airlines:MDLR Airlines) is the pair that is not correctly matched.