Text of Jet, Sahara joint statement
The following is the joint statement issued by private carriers Jet Airways and Air Sahara following the two entering into an acquisition deal.india Updated: Jan 20, 2006 12:03 IST
The following is the joint statement issued by private carriers Jet Airways and Air Sahara following the two entering into an acquisition deal.
"Jet Airways India Ltd and Sahara Airlines Ltd are pleased to announce the execution of a share purchase agreement for acquisition by Jet AI of the entire capital of the Sahara Airlines Ltd subject to regulatory approvals.
"The deal, which was jointly executed on January 18, is subject to confidentiality.
"The following are, however, certain principle aspects of the deal.
"a. The agreement has been executed for an all inclusive enterprise value of around $500 million for SAL.
"b. The transaction is for an all-cash consideration.
"c. Pending confirmation of regulatory approvals, both the airlines will continue to operate independently.
"d. Sahara India confirms that workers shall not lose their jobs and cadres and gross emoluments will be unaffected. Upon closure of the transaction, based on requirements and performance, Jet Airways shall absorb suitable employees."
The joint statement was signed by Subrata Roy, Chairman and Managing Worker of Sahara Group, and Naresh Goyal, Chairman of Jet Airways.