Jet Airways makes second offer for Air Sahara

In an uncharted move in India, Jet Airways agrees to proceed with the acquisition of Sahara Airlines for $340 million, 32% less than the price agreed in Jaunary 2006.

Jet Airways made a Bombay Stock Exchange filing on April 12 stating that it will pay Rs14.5 billion $340 million for 100% of Sahara Airlines.

Jet has already paid Rs5 billion, will pay Rs4 billion by April 20 and the balance Rs5.5 billion in four interest-free equal, annual instalments commencing on or before March 30, 2008. Jet Airways said ôat the current interest rate the net present value NPV of the lump sum price is Rs12 billionö.

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