MUMBAI: India's Jet Airways Ltd board has approved the acquisition of Air Sahara for US$500mil cash, tightening its hold at the top of the country's domestic airline industry.
Shares in Jet Airways rose nearly 3% to 1,162 rupees in Mumbai. Speculation about a deal grew this month as liquor maker UB group's Vijay Mallya, who owns Kingfisher Airlines, pulled his bid, saying his valuation was not accepted by Sahara.
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