Etihad Airways will buy a 24 per cent stake in Jet Airways (India) Ltd. for about Rs 16 billion ($297 million) in a deal likely to be announced as early as this week, a senior official at India’s civil aviation ministry said on Monday.
“I would believe the deal is as good as done,” the official told The Wall Street Journal. The official didn’t want to be named, as he isn’t allowed to speak on private company deals. India’s Commerce Minister, Anand Sharma, said he will meet a delegation of Etihad executives in “a couple of days”. A statement issued by the minister didn’t say why the executives are meeting him. A senior executive at Jet Airways, India’s second-largest airline by market share, declined to comment. The likely deal will make Jet Airways the first beneficiary of a rule change last year that allowed foreign airlines to buy stakes of up to 49 per cent in Indian carriers.
Etihad set to buy 24 per cent stake of Jet Airways | GulfNews.com
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