Indian authorities have given the green light to Etihad Airways buying a 24 per cent stake in Jet Airways.
Etihad agreed to take the shareholding in Jet in a £248 million deal which was announced in April.
The Abu Dhabi-based carrier already has minority stakes in Air Berlin, Aer Lingus, Air Seychelles and Virgin Australia. Etihad sees this strategy as an alternative to joining a traditional airline alliance.
India’s Foreign Investment Promotion Board approved Jet’s agreement with Etihad yesterday (July 29). It is the first deal of its kind since the country relaxed its policy on foreign ownership of its airlines.
Under new rules, introduced last year, foreign carriers can now own up to 49 per cent of an Indian airline.
etihadairways.com
jetairways.com