Jet-Sahara deal details soon

New Delhi: The agreement to revive the takeover proposal comes nine months after Jet Airways called off the Sahara takeover plan after failing to get regulatory approval within the stipulated deadline.
A Sahara spokesperson declined to comment on the developments, saying that talks were on through the arbitration panel. Jet chairman Naresh Goyal, emerging from the arbitration hearing in Mumbai, too declined to comment, saying that "the matter is sub-judice".
Jet's counsel said the arbitration order is expected on Wednesday but did not divulge further details. The three-member arbitration panel, comprising British Judge Lord Stein, retired Supreme Court judges Justice S P Bharucha and Justice Jeevan Reddy, told both the parties to talk and resolve differences.
The final details of the agreement and modalities of payment are yet to be worked out. The deal would create the largest Indian private carrier with a fleet size of about 90 aircraft and control of nearly 42 per cent of the domestic market.
After the merger plan failed last year, the Sahara group took back operational control of Air Sahara from Jet. The arbitration hearings have been on since September 9 last year following Supreme Court directions.
11/04/07 Financial Express

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Categories: Air Sahara Apr 2007, Jet Airways Apr 2007