Friday, March 24, 2006

No price cut, Jet set for Sahara

Mumbai: India's largest domestic airline Jet Airways Ltd. and private carrier Air Sahara said they agreed to extend the share purchase agreement by 90 days.
The enterprise value of the deal remains the same, the companies said in a joint press statement issued late Thursday.
Earlier, local media reports said Jet may walk away from a $500-million deal to buy smaller rival Air Sahara after a government agency laid down conditions for the proposed acquisition.
See Also:
Jet, Air Sahara reach understanding
Jet Lagged
Jet, Sahara extend share buy-back agreement
Jet said in January it would buy Sahara for $500 million in cash to cement its dominance in a fast-growing market. Local media reported the Director General (Investigations and Registrations) had laid down conditions limiting the scope of the deal because the combined entity would bag a large proportion of scarce infrastructure such as parking bays and flying rights.
24/03/06 Financial Express
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