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Jet Airways To Buy Air Sahara For USD$340 Million

12 April 2007

India’s Jet Airways said on Thursday it had agreed to buy Air Sahara for INR14.5 billion rupees (USD$340 million), about 34 percent cheaper than an earlier deal it had abandoned.

The price includes INR5 billion that Jet had paid its smaller rival last year as a bank guarantee pending an acquisition, as well as INR4 billion that Jet will pay on or before April 20, said Harish Salve, a legal counsel for Jet.

The balance will be paid in equal, interest-free annual installments from March 2008 to 2011, he told reporters.

source: Airwise

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