The Abu Dhabi-based Etihad Airways will pick up a 24 per in the
Jet Airways, at a cost of Rs. 2,058 crore ($379 million). The foreign direct
investment norms for the airline industry were liberalised in September last
year.
The Board of Directors of the Indian carrier approved the stake
sale in terms of which Etihad will be investing $600 million, including $70
million paid to Jet for its landing rights at London Heathrow airport. Within
the next six months, the gulf carrier will also buy a majority stake in Jet’s
frequent flyer programme, JetPrivilege, for $150 million.
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