Jet seals Air Sahara deal for USD 500 million
NEW DELHI: Naresh Goyal on Thursday tightened his grip at the top of India’s domestic airline industry with Jet Airways announcing its purchase of Air Sahara for $500 million in an all-cash deal.
The signing of the deal, reported by ToI on Thursday, will create a unified airline that is expected to start flight in the Indian skies with the beginning of the 2006-07 fiscal.
To allay apprehensions of the Sahara pilots and staff, Sahara chief Subrata Roy assured that all jobs would be protected. In a letter to Air Sahara employees, Roy said those not absorbed by Jet will be guaranteed jobs in Sahara at full pay.
In fact, employees were free to check out the working conditions in Jet and if they didn’t like it, they could come back within three months to Sahara, he said. Their pay and seniority would still be protected.
This assurance came in the midst of a buzz that around a dozen Sahara Bombardier pilots have put in papers since it was announced two weeks back that a deal was in the works. However, Air Sahara executive V-P Alok Sharma, scotched the talk saying: “There’s no truth in it.”
SOURCE:THE TIMES OF INDIA
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