Jet Airways completes Sahara acquisition

Published on Sat, Apr 21, 2007 at 09:04 |  Source : Moneycontrol.com

Updated at Sat, Apr 21, 2007 at 09:56  

24534 Investors following Jet Airways. Share this News with them.
0
0
Share on Tumblr

RELATED NEWS

ALSO READ

New Delhi April 20

The Jet Airways buy-out of Air Sahara, which has been going on since January 2006, was closed today with Jet Airways transferring Rs 400 crore to Air Sahara to acquire all the shares of the latter.

A new management team led by the Chief Commercial Officer of Jet Airways, Mr Gary Kingshott, took charge at Air Sahara on Friday, soon after the Air Sahara President, Mr Alok Sharma, resigned.

Prolonged Arbitration

In a statement Jet Airways said that with the closure of the transaction, Air Sahara has become its wholly owned subsidiary. "It is the intention of Jet Airway to operate Air Sahara as a separate entity while improving the operational and financial performance of the business by leveraging the size of Jet Airways. It is also proposed to re-brand the airline as JetLite in due course," the statement adds.

After prolonged arbitration, on April 12 this year, Jet Airways agreed to purchase Air Sahara. In a statement to the BSE, Jet Airways said that it had acquired Air Sahara for Rs 1,450 crore including Rs 500 crore that had already been paid.

To close the deal, Jet Airways was to transfer Rs 400 crore to Air Sahara before the close of banking hours on Friday. The balance of Rs 550 crore is payable in four interest free annual equal instalments commencing on or before March 30, 2008.

Taken from Business Line

thehindubusinessline.in

 

  

More on Moneycontrol

Trending News

Business News

NASA turns off its last mainframe computer
Will RBI regulation prevent a gold loan bubble? "Will RBI regulation prevent a gold loan bubble?"

CNBC-TV18 Exclusive Fin Min Sources Say SUUTI Plan Will Require Cabinet Approval

The latest earning numbers FIRST on CNBC-TV18
Videos

Feb 13 2012, 17:40

Bullish on gold, but see price correction ahead: Ventura

- in Commodities

Interviews

Feb 13 2012, 19:27 | Source: CNBC-TV18

'Diverse offerings in power helping to withstand headwinds'  

Feb 13 2012, 13:33 | Source: CNBC-TV18

Vessel oversupply crashed rates, Baltic Dry Index: SCI  

Subscribe to

Moneycontrol Newsletters

Moneycontrol.com offers you a choice of various sectoral and other newsletters for FREE!

Follow moneycontrol.com