India defers decision on Jet-Etihad deal
New Delhi, June 15, 2013
India's Foreign Investment Promotion Board (FIPB) has deferred a decision on Gulf carrier Etihad Airways' planned 24 per cent stake buy in Jet Airways , the country's economic affairs secretary said.
The board has sought more details on "effective control" and ownership, Arvind Mayaram said.
After the FIPB, which clears foreign direct investment proposals, the deal will also need approval from the cabinet committee on economic affairs.
Abu Dhabi's Etihad agreed in April to acquire a 24 per cent stake in Jet for $370 million, giving it a bigger foothold in the fast-growing Indian market.-Reuters