Jet Airways announces extension of term of SPA with Sahara

Saturday, March 25, 2006, 0:33 [IST]

Mumbai, Mar 24 (UNI) Jet Airways India Ltd has announced that it has reached an understanding with Sahara Airlines Ltd, and its Selling Shareholders to extend the validity of the Share Purchase Agreement (SPA) by 90 days.

The enterprise value of the transaction remains unchanged at around USD 500 million, Jet Airways India Ltd informed BSE.

The term of the Escrow Arrangement has also been extended by 90 days.

The two parties have also agreed that the Company will advance a sum of Rs 5,000 million out of the agreed consideration to the shareholders of Sahara Airlines Ltd, against the pledge of cent per cent Sahara Airline Ltd's shares.

If the agreement terminates, this advance will be repaid to the Company.

During this extended term, the two airlines will continue to operate as independent entities, the release added.

UNI AR KU AW1804

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