Sivasankaran buys 50% in Sahara boss' jet

New Delhi: South-based tycoon C Sivasankaran is boarding the private jet of Sahara group patriarch Subroto Roy as a co-owner.
According to sources close to the development, Mr Sivasankaran, who has been in the news for his stake sale in coffee chain Barista and telecom operator, Aircel, will take a 50 % stake in the state-of-the-art Boeing business jet. The Sahara boss, in effect would now have to share his jet with the south-based takeover artist.
Apparently, ever since an ailment a few years back, Mr Roy had limited his travel engagements and therefore, the plane was not used much. The arrangement with Mr Sivasankaran would perhaps lead to an optimum use of the aircraft. Before Mr Roy took over the jet about three years ago, it used to be the private jet of the Boeing chairman.
The business jet, a Boeing 737, is said to be valued at Rs 200 crore and this would mean both Roy and Sivasankaran would effectively have to cough up around Rs 100 crore each for the jet. Sahara insiders say that though the jet was acquired a few years back, it was effectively on lease and it’s only now that it would be purchased from Boeing.
30/09/07 Raja Awasthi & Shubham Mukherjee/Economic Times

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Categories: General Aviation Sep 2007, New Sep 2007