ZEEL completes its acquisition of charter plane services firm, Fly By Wire
Media firm Zee Entertainment Enterprises Ltd has acquired the remaining 51 per cent stake in Fly By Wire
Media firm Zee Entertainment Enterprises Ltd (ZEEL) has completed the full acquisition of Fly-by-Wire International Private (FBW) by acquiring the remaining 51 per cent stake on the latter.
Fly-By-Wire International Private Limited provides aviation consultancy, aircraft management, and operations services to private and corporate clients in India.
Last March ZEEL announced buying charter plane services firm FBW for Rs 61.25 crore. On May 10, 2016, the company acquired 49 per cent stake on the same.
“Consequent to receipt of approval from Ministry of Civil and Aviation and compliance of other requisite formalities, the company has acquired the balance 51 per cent equity stake in FBW comprising of 10,20,000 equity shares of Rs 10 each at an aggregate consideration of Rs 1,40,25,000. Upon aforesaid acquisition, FBW has become a wholly owned subsidiary of the company effective July 14, 2017,” ZEEL said in a BSE filing.
