In a move to increase its already significant stake in India’s aviation market, Mumbai-based Jet Airways (India) Ltd. announced Thursday plans to acquire smaller competitor Sahara Airlines Ltd. for $500 million.
Through the deal, Jet will expand its fleet more than 50%, adding 26 to its 42-plane holding and gain control of Sahara’s upcoming hub in the southern city of Hyderabad.
The commercial aviation market in India is hot right now, growing 20% per year. More Indians are opting to fly, with some fares starting as low as 1 rupee, or $0.23. —Carolyn Murphy
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