Kingfisher Airlines bid to take over 100% of Sahara Airways, parent company UB Group head Vijay Mallya revealed, according to media reports. Mallya said the offer was lower than the $750 million-$1 billion Ernst and Young said Sahara was worth. In addition, he told reporters that UB Group plans to raise $400 million, half of which will come through an IPO for Kingfisher.

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