April 09: Following a ten months long tussle between Jet Airways and Air Sahara, the two have agreed over the sell off deal of Air Sahara to Jet Airways. An arbitration process, which was set into motion last year, will soon give its final verdict and the new tag for Air Sahara will be Rs 1875 crore. It will be an ‘out of court’ settlement and the exact figures are still to be ascertained.
Naresh Goyal, chairman Jet Airways refused to buy Air Sahara some ten months before, after agreeing to pay Rs 2200 crore to Air Sahara. The final deal agreed this time is going to be close to Rs 1400 crore. Air Sahara has already received Rs 500 crore, 500 more will be provided after completing the process and Rs 450 crore will be transferred in three years period.
The process will shape up in two to three months and most of the liabilities of Air Sahara will be taken by Jet Airways. According to official sources, they will inform the stock exchanges about the deal tomorrow and after that the official announcement will be held.
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