Jet, Sahara deal on, valued at Rs $350 million

MUMBAI: India's top private airline, Jet Airways Ltd., is again looking to buy Air Sahara after it last year abandoned a $500 million deal to buy its smaller rival, television channels said on Tuesday.

Jet was likely to value privately-owned Air Sahara at 14-15 billion rupees ($325-$350 million), CNBC-TV18 said. NDTV Profit put the valuation at Rupees 18 billion, citing unnamed sources.

A spokeswoman for Jet said she did not have any information on the reports. A spokeswoman for Air Sahara denied the reports.

Jet, which has almost 40 percent of India's fast-expanding domestic market and also flies to some overseas destinations, struck a deal in January 2006 to buy Air Sahara from the Sahara group.

After the deal failed to get regulatory approvals, Jet said last June it had decided not to pursue the acquisition for commercial reasons and in the interest of its shareholders.