Jet closes takeover deal

New Delhi: Jet Airways on Friday paid Rs. 400 crore to acquire all shares of Sahara Airlines Ltd and close the Rs. 1,450-crore takeover deal.
Thus the Lucknow-based airline has become Jet's wholly owned subsidiary, `JetLite'.
Soon after the payment, Sahara Airlines president Alok Sharma said he had quit the post but would be available for effecting a smooth transition and continue to work with the parent group, Sahara India Parivar.
Senior Jet Airways officials led by chief commercial officer Garry Kingshott went to the Sahara Airlines headquarters here to give effect to the amalgamation process.
Mr. Kingshott, who held talks with Mr. Sharma, is tipped to head JetLite once it is formally established with Mumbai as headquarters.
21/04/07 The Hindu

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Categories: Air Sahara Apr 2007, Jet Airways Apr 2007