Jet Airways/Sahara Airlines SPA

Jet Airways India Ltd has informed BSE that the Company and Sahara Airlines have settled their disputes with regard to the Share Purchase Agreement of January 18, 2006, by the Company agreeing to acquire all the shares of Sahara Airlines Ltd for a lumpsum price of Rs 1450 Crores. Rs 500 Crores has already been paid. Rs 400 Crores is payable immediately no later than April 20, 2007. The balance Rs 550 Crores is payable in four interest free annual equal installments commencing on or before March 30, 2008.

At the current interest rate, the NPV of the lumpsum price is in the vicinity of Rs 1200 Crores.