Wednesday, June 21, 2006

A Jet-Sahara war building up

New Delhi: With Naresh Goyal’s Jet Airways wanting to fly out of its deal to buy Subrata Roy-promoted Air Sahara unless the transaction value is reduced, Sahara has lined up a battery of lawyers to make Jet honour the purchase agreement.
It’s learnt that Jet, which so far was holding back on the deal unless Goyal got government security clearance (as reported by TOI on Tuesday), sent a feeler to Sahara on Tuesday evening seeking a 10-20% reduction in the value of the deal, fixed earlier at Rs 2,300 crore. Sahara is believed to have immediately sent back word that any cut in the price was not acceptable, although it was willing to wait for another 15 days for Jet to conclude the deal.
The home ministry, which is to give the clearance to Goyal, is slated to meet on Wednesday evening to take up the report submitted by IB to home secretary V K Duggal on Tuesday afternoon. The report recommends a clearance to Goyal with a few riders on which the home secretary will have to take a call.
21/06/06 Times of India

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