Saturday, March 25, 2006

Jet pays Rs 500 cr to Sahara

Mumbai: Ending uncertainty over the fate of India’s biggest aviation deal involving takeover of Air Sahara for Rs 2,300 crore, Jet Airways, on Friday, announced making an advance payment of Rs 500 crore towards acquisition, even as the two sides agreed to extend the transaction period by three months.
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“Air Sahara will be a 100 per cent subsidiary of Jet so that we can enjoy all the infrastructural facilities presently with it. But, after the High Court approval it will be merged with Jet Airways,” Jet Airways Chief Naresh Goyal told reporters a day after concluding discussions with Sahara Chief Subroto Roy.
Contrary to speculation that he was seeking a devaluation of the deal by an estimated Rs 1,000 crore, Mr Goyal said:
“I have paid Rs 100 crore working capital expenditure to Air Sahara and soon will be paying another Rs 500 crore for 100 per cent stake in lien with ICICI bank.
25/03/06 Deccan Herald