Air Sahara president Alok Sharma quits

Hours after Jet Airways closed the deal to acquire Air Sahara, the Lucknow-based airline's president Alok Sharma quit his post but said he would continue to facilitate its smooth transition to 'Jetlite'.

"I have considered my options and have decided to accept Sahara Shri's (Subrata Roy) offer of continuing with the Sahara India Parivar... In the meantime, I will continue to be available to facilitate the smooth transaction till it is required," Sharma said. 

Sharma said he would reveal the details of his new role in Sahara India Parivar "shortly".

Maintaining that "the process of acquisition (of Air Sahara by Jet Airways) is now complete", he said "since the time the deal was announced, I have been regularly asked about my future plans. I am now in a position to share the same".

His statement came even as Jet Airways has paid Rs 400 crore (Rs 4 billion) to the promoters of Air Sahara to close the deal for the Naresh Goyal-promoted Jet Airways's takeover of Air Sahara.

Today was the deadline set by the arbitration panel for Naresh Goyal's carrier to settle the deal finally. Jet officials have also started joining Air Sahara offices as part of the amalgamation process.