21.11.13

Jetihad Deal update

Concluding the first instance of FDI by a foreign carrier into an Indian airline, Jet Airways announced that it has given equity shares worth Rs.2,060 crore to Abu Dhabi’s Etihad—representing a 24% stake in Naresh Goyal’s airline. Also, Etihad president James Hogan and CFO James Rigney have been named as additional directors on board of Jet, giving the Gulf carrier a firm say in how Jet will be steered now.
With this announcement, the $900-million deal was finally concluded seven months after it was announced. The final approval had come with the CCI last week giving it the nod. Jet chairman Naresh Goyal said: “I am confident that this investment will greatly benefit all our stakeholders while significantly benefitting our customers, who will now have access to a more expanded global network” apart from expanding network.

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