CCI takes call after getting more information on Jet-Etihad deal
The Competition Commission of India (CCI) said that it would approve the proposed Jet-Etihad deal priced at INR2058 million. This would be after the Indian trade regulator obtained substantive information regarding the deal from the two carriers. CCI Chairperson Ashok Chawla said today that the regulator was only waiting for more information about the deal prior its approval.
The transaction was said to be the biggest foreign investment proposed in the aviation sector of the country. It also faced a lot of roadblocks with various government ministries. The deal also raised concerns about the full control of Jet Airways after the completion of the transaction.
During an interview, Chawla said that the Jet-Etihad deal is still being examined by the Commission, calling it as "work in progress".
The proposed deal would let Jet take 24% stake in Etihad. Despite the raging controversy confronting the deal, the Indian government said that the stake sale of Jet to Etihad, would still be carefully examined.
Last June 14, the Foreign Investment Promotion Board of the country deferred a decision raising issues on control and ownership.