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Jet pays Air Sahara $90m to begin consolidation
NEW DELHI — Keeping with the deadline set by arbitrators, Naresh Goyal-promoted Jet Airways yesterday paid Rs4 billion ($90 million) to the Sahara India group to officially mark the acquisition of ailing rival Air Sahara.
"The first of the five instalments for the acquisition of Air Sahara have been paid," an Air Sahara official said. The remaining amount would be paid in four equal annual instalments of Rs5.5 billion starting March next year, he added.
A senior Jet Airways official also confirmed that the money had been paid to the Lucknow-based Sahara India group but declined to divulge the actual amount.
Jet had last year already paid Rs5 billion that was lying in a disputed escrow account, bringing the valuation of Subroto Roy-controlled Air Sahara to Rs14.5 billion ($330 million), Air Sahara officials said.
The development immediately gives Jet Airways access to Air Sahara's fleet of 27 aircraft and a market share of close to 35 per cent for the combined entity in the Indian skies, experts said.
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