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Apr 2007
Jet Airways to submit new offer for Sahara to arbitrator
Mumbai:
Private carrier Jet Airways is expected to submit
its new offer on buying Air Sahara to an arbitration
tribunal today. "The final draft of Jet-Air Sahara
deal will be completed tonight and will be presented
to the arbitration panel tomorrow for a final decision,"
Jet Airways Counsel Harish Salve told reporters here.
"It is a big deal, there are lot of changes in the
original share purchase agreement, which have to be
reworded and finalised by tonight," he said. Under
the revised deal, Jet Airways has valued Air Sahara
at Rs 2,050 crore. An amount of Rs. 600 crore is expected
to be adjusted as arrears, interest and other liabilities.
Of the balance Rs. 1,450 crore, Jet Airways has made
an advance payment of Rs 500 crore in lieu of shares
pledged by Sahara last year. It, therefore, will fork
out Rs. 950 crore as final settlement, subject to
the tribunal's approval.
-Apr
12, 2007
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