Jet Airways informed Bombay Stock Exchange that it had "reached a mutual understanding with Sahara Airlines Ltd for providing consultancy support to them."
In a statement to the BSE, the airline said "this consultancy support will be provided by the company with the objective of enhancing Sahara Ailines' product, improve their on-time performance and service levels as also to improve their bottom line".
Sources said Jet was planning to operate Sahara as a wholly-owned subsidiary till regulatory and other clearances are granted to the acquisition process. The name of this 100 per cent subsidiary would be announced only after approvals by the regulatory authorities, including the Directorate General of Civil Aviation.
Jet was also awaiting security clearances from the home ministry for at least ten of its officials, to enable them become members of the new Air Sahara Board.
Once security clearance is granted, the reconstituted Board would meet to adopt a resolution to enable Jet operate Air Sahara as its wholly-owned subsidiary, the sources said.
Till then, the two carriers would continue to operate as separate entities, they said. The ten top Jet officials have already started working with their Air Sahara counterparts to help them streamline sales, ticketing and several managerial issues, they said.
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