Usha Martin to divest its entire stake in Dove Airlines

For Rs 8.10 crore

Usha Martin has agreed to divest its entire stake of 50% held in 'Dove Airlines' (DAPL), a joint venture Company at a consideration of Rs. 8.10 crore subject to certain adjustments.

The necessary Share Purchase Agreement for the above divestment has been signed by the Company 09 November 2015 and the transaction will be completed upon receipt of approval from DGCA, Government of India. Subsequent to such divestment, DAPL shall cease to be a joint venture of the Company.

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