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| Jet Airways to buy Air Sahara |
| Jet Airways to buy Air Sahara
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| INDIA
, 10-April-2007
10:21:24 AM |
| In an interesting twist to the long prolonged Jet-Sahara saga, it seems Naresh Goyal has finally changed his mind and is all set to buy Air Sahara for about Rs 1,800 crore.
Perhaps, coming to terms with the fact that this acquisition is Jet's best bet to growth and expansion in India.
Naresh Goyal caught on camera by NDTV early this morning maintained that there was nothing much to talk about. However, as he entered the Arbitration Panel meeting, it was clear that the deal had been struck.
Jet Airways will buy Air Sahara for Rs 1,850 crore, which means the Rs 500 crore that Jet paid Sahara initially as a pledge in the first round, will be seen as a part of the payment.
The two are willing to forget the contentious issue of creditors discount of Rs 350 crore now.
By late afternoon, the contours of the deal were out. For Jet Airways there is no other way out to counter competition in the domestic market.
Win-win situation
Jet had also paid Rs 180 crore earlier and there are three aircrafts that are standing to get the nod after a check for flight worthiness. The tab for these will be picked up by Jet Airways.
Jet also gets access to the trained pilots that are a scarce commodity, the parking bays besides the take off and landing slots.
Looking at the previous agreement, Air Sahara will insist on an iron clad agreement so that this agreement does take to the skies.
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