NewsX: India panel approves Etihad's Jet Airways stake deal
- 5 years ago
NewsX: India's foreign investment regulator has given its approval to a $379m (£248m) deal that will see Etihad Airways buy a 24% stake in Jet Airways.
It is the first foreign investment in India's airline sector since ownership restrictions were eased last year.
The deal, announced in April, had come under scrutiny amid concern over who would control the airline's operations. According to reports, Etihad agreed to reduce the number of seats it would hold on the Jet board.
The regulators have also imposed other conditions on the airlines. The Press Trust of India quoted Ajit Singh, India's civil aviation minister, as saying that if the two airlines "at any time make changes in shareholding pattern, they have to get permission from the Indian government agencies".
At the same time, any arbitration between the two carriers must be conducted under Indian law.
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It is the first foreign investment in India's airline sector since ownership restrictions were eased last year.
The deal, announced in April, had come under scrutiny amid concern over who would control the airline's operations. According to reports, Etihad agreed to reduce the number of seats it would hold on the Jet board.
The regulators have also imposed other conditions on the airlines. The Press Trust of India quoted Ajit Singh, India's civil aviation minister, as saying that if the two airlines "at any time make changes in shareholding pattern, they have to get permission from the Indian government agencies".
At the same time, any arbitration between the two carriers must be conducted under Indian law.
For More information on this news visit : http://www.newsx.com/
Connect with us on Social platform at : http://www.facebook.com/newsxonline
Subscribe to our YouTube Channel : http://www.youtube.com/newsxlive