Jet Airways finally buys Air Sahara for Rs 1,450 cr

Mumbai, APR 12 (UNI) Leading private airlines Jet Airways today finally acquired Air Sahara for Rs 1450 crore.

Announcing the acquisition here, Jet Airways counsel Harish Salve told reporters, ''I am happy to announce that both Sahara and Jet Airways have resolved all their disputes amicably. The two have signed an agreement by which Jet acquires all the shares of Sahara.

We have already informed the Bombay Stock Exchange about this acquisition.'' ''Of the Rs 1,450 crore deal, Rs 500 crore have already been paid by the Jet Airways to Sahara, Rs 400 crore will be paid by April 20.

The remaining 550 crore will be paid in four interest free annual equal instalments commencing on or before March 30, 2008, ''Mr Salve added.

''We never changed our position and it remains the same that was in January 2006. It is a commercially viable deal. The deal will help the shareholders as well in terms of manpower, especially when the Indian aviation sector is facing the manpower crunch,'' Jet Airways Chairman Naresh Goyal said after the announcement of the deal.

At the current interest rate, the net payable value (NPV) of the lumpsum price is in the vicinity of Rs 1,200 crore, he said.

UNI