Etihad takes 24% stake in Jet Airways for USD 379 million

The Abu Dhabi-based carrier Etihad Airways took a 24 % minority stake in Jet Airways  for USD 379 million. This investment by Etihad Airways is the first in an Indian airline after the govt relaxed restrictions on overseas carriers buying into its aviation industry in 2012 i.e. since the change in FDI policy.
Jet’s founder and non-executive chairman Naresh Goyal, who was before acrimoniously opposed to opening up of FDI involvement for foreign airlines, was the first to move instantly after the government permitted international carriers to pick up a maximum of 49 % stake in domestic airlines in September 2012.

Month: Current Affairs - April, 2013