Jet's payment completes formality of Air Sahara acquisition

21 April 2007

'With the closure of this transaction, Sahara Airlines Ltd has become a wholly-owned subsidiary of Jet Airways, effective today,' said a Jet Airways statement issued here Friday.

'It is the intention of Jet to operate Sahara Airlines as separate entity whilst improving the operational, financial performance of the business by leveraging the size of Jet Airways,' the statement added.

The airline has also deputed a small management team, headed by Garry Kingshott, to manage the business and affect a smooth takeover.

With the acquisition, Jet Airways can now access Air Sahara's fleet of 27 aircraft and also its market share. As a combined entity, Jet and Sahara will command close to 35 per cent of the Indian skies, according to industry figures.

Jet Airways has a fleet size of 62 aircraft and operates 340 flights daily to some 50 destinations, including international ones such as London, Singapore, Kuala Lumpur, Colombo, Bangkok and Kathmandu.

Meanwhile, even as Jet officials confirmed that a part of the payment had been made to the Lucknow-based Sahara India group, they declined to divulge the actual amount.