Reports on talks with Jet "speculative": Sahara

Sahara Group today said it was "as of now" pre-occupied with strengthening its airline operations while terming as "speculative" the reports on talks with Jet Airways, the estranged suitor of Air Sahara, for an out-of-court settlement.

"We find these reports as mere speculation. The disputes between Sahara and Jet are sub-judice, and we do not wish to comment on any speculation," Sahara Group said in a statement.

The statement from Sahara comes amidst reports last week that the top brass of the two airlines were holding discussions to settle their differences out of court. "As of now, Sahara is concentrating on further strengthening its airlines operations", the statement added.

Though both the sides did not officially say anything, sources familiar with the development had then said they were talking to each other on settling differences over the failed Rs 2,200 crore deal for the takeover of Air Sahara by Jet.

Sources had said that discussions had narrowed down to the exit fee to be paid by Jet.

As part of the deal, reached in January, Jet Airways had paid Rs 180 crore for the revival of Air Sahara and Rs 500 crore in lieu of Air Sahara shares pledged with it. Besides, it had deposited Rs 1,500 crore in the escrow account opened for the purpose.

After the deal fell through over absence of regulatory clearances on June 21, Sahara moved a court in Lucknow seeking to bar Jet from operating the escrow account prompting Jet to approach the Bombay High Court.