Mumbai, April 12 (PTI): Private carrier Jet Airways' today signed a renewed deal to takeover competitor Air Sahara, after the offer received the sanction of a three-member Arbitration Panel here.

The deal was signed after the panel comprising British Judge Lord Stein and Supreme Court Justices S P Bharucha and Jeevan Reddy, vetted the draft proposal prepared by Jet and Sahara. The two then submitted a revised and final proposal to the three-member court-monitored committee, sources close to the development said.

The deal is understood to value Air Sahara at Rs 2,050 crore, of which Rs 600 crore is expected to be adjusted as arrears, interest and other liabilities.

Of the remaining Rs 1,450 crore, Jet has already paid Rs 500 crore as advance in lieu of the shares pledged by Sahara last year, which leaves Rs 950 crore to be paid in cash.

Jet is believed to have insisted on a non-disclosure clause in the deal, despite Sahara expressing its reservations.

Pallabh Agarwal, executive director, Sahara Pariwar and the group's lawyer Jeffrey Gordon were present on behalf of Sahara when the deal was signed, while the other side was represented by senior counsel Harish Salve and Saroj Dutta, besides Jet Chairman Naresh Goyal.