Jet Airways shareholders approve Etihad deal
New Delhi, May 24, 2013
Shareholders in India's Jet Airways approved an agreed sale of a 24 per cent stake in the airline to Abu Dhabi's Etihad Airways, a senior executive at the Indian carrier said on Friday.
Jet Airways, however, deferred seeking shareholder approval for a new set of "Articles of Association" as it awaits regulatory clarity, company secretary Arun Kanakal told Reuters after a shareholders' meeting.
Etihad, in April, agreed to acquire a 24 per cent stake in Jet for $370 million, giving it a bigger foothold in the fast-growing Indian market.
Etihad's investment is the first by an overseas operator in an Indian airline since ownership rules were relaxed and provides Jet with a deep-pocketed global partner as well as cash to retire debt.-Reuters