Kingfisher bids for Sahara Airlines

Kingfisher bids for Sahara Airlines

By agencies   |   Tuesday, 29 November 2005, 08:00 Hrs
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NEW DELHI: Kingfisher Airlines, owned by liquor baron Vijay Mallya, has bid to take over Sahara Airlines, the chief of the UB group today said.

"We have made an offer of 100 percent. I have to wait for their response," Mallya said.
Ernst and Young has valued Air Sahara at between $750 million and $1 billion, but Mallya said his offer was lower than that figure.

The UB Group plans to raise a total of $400 million over the next one year, which includes an IPO for its aviation business. "The IPO Kingfisher Airlines will be coming next year and we intend to raise $200 million through this," Mallya said.

He said Kingfisher Airlines was open to a variety of options including a complete buyout, a stake in the company or going in for an alliance.

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