CCI gives nod to Jet-Etihad acquisition deal

Competition Commission of India (CCI) approved the proposed 24% stake acquisition in the Naresh Goyal–led Indian carrier Jet Airways by Abu Dhabi based Etihad airlines.
The deal will become the first-ever FDI in an Indian carrier by an overseas airline.  The deal has already been approved by SEBI, Foreign Investment Promotion Board (FIPB) and Cabinet Committee of Economic Affairs (CCEA).
The deal is important to Jet, which is facing significant financial challenges, as it brings an equity capital of Rs 2057.66 crore. The deal will also help the Indian civil aviation industry by enhancing capacity, increasing competition and bringing down airfares.

Month: Current Affairs - November, 2013