Jet in $7.5 m trademarks, IPR deal

Ahead of its initial public offer (IPO), the country's largest private sector carrier Jet Airways has entered into an agreement to acquire trademark and intellectual property rights (IPRs) from Naresh Goyal's Jet Enterprises Private at a price not exceeding $7.5 million.

The name Jet Airways was licensed to the domestic carrier for fees that ranged between 0.1 per cent to 0.2 per cent of the gross revenue of the airline.

"Jet enterprises has agreed to transfer and assign all trademarks and other intellectual property owned by it to the private airline for a sum not exceeding rupee equivalent of $7.5 million," a company notice to the investors said.

The agreement was signed on February 12. The valuation of the trade mark and IPRs was done by chartered accountant firm Chaturvedi & Shah. The payment will be made after the completion of transfer and assignment process, the notice said.

On January 31, Jet Enterprises agreed to transfer and assign all its rights, title and interest in the "Jet Airways" trade mark to the company, the notice stated. Subsequently, the agreement was signed on February 12. The entire transfer process will be completed by July 31, 2005, it added.

The company is currently conducting roadshows in the US, Europe and Singapore for its around Rs 2,000 crore IPO which opens tomorrow and close on February 24. The price band of the issue "" to be raised through the book-built process - is Rs 950 to Rs 1,125 per share.