New Delhi, April 20: Jet Airways today paid Rs 400 crore to acquire all shares of Sahara Airlines and close the Rs 1,450-crore takeover deal, converting Air Sahara into its wholly owned subsidiary — JetLite.

Soon after the amount was paid, Air Sahara president Alok Sharma put in his papers. Sharma, however, will continue to facilitate the smooth transition of the Air Sahara brand to JetLite.

“I have considered my options and have decided to accept Sahara Shri’s (Subrata Roy) offer to continue with Sahara India Parivar ... In the meantime, I will continue to be available to facilitate the smooth transition for the time till it is required,” Sharma said.

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

“The process of acquisition (of Air Sahara by Jet Airways) is now complete,” he said, adding, “Since the time the deal was announced, I have been regularly asked of my future plans. I am now in a position to share the same.”

The April 20 deadline for the deal was set by an arbitration panel.

Jet officials are also joining Air Sahara offices as part of the amalgamation process.

After nine months of a legal battle, the grounded Jet-Sahara deal finally took off earlier this month as Jet agreed to buy the Lucknow-based airline at a “lump sum price” of Rs 1,450 crore. Apart from the brand name — Air Sahara — the Sahara Group has decided to keep out a Boeing Business Jet (BBJ) and four helicopters from the Jet deal, which is only for 27 leased aircraft.

The BBJ and the four choppers — two Eurocopters and two Dauphins — would be used by the group for charter operations, said an Air Sahara official.