Etihad’s investment in Jet to be concluded in the next few months
India's Jet Airways is expecting investments from Etihad Airways of Abu Dhabi, which will be completed in the next few months. This report was confirmed through the company's annual report written by Naresh Goyal, Jet's Chairman.
"All these investments...are subject to obtaining the requisite regulatory and corporate approvals and final commercial agreements, which is expected to be completed within the next few months," Goyal wrote.
In April, Etihad agreed to purchase 24% of Jet's stake for US $379 million. The airline company also purchased from Jet three pairs of Heathrow slots amounting to US $70 million. It also shelled out US $150 million to invest in the frequent flyer program of Jet.
This investment is the first to be undertaken by a foreign operator after the ownership rules were loosened up by India. However, it has yet to get regulatory approval. The transaction has to be cleared by capital markets regulator as well. It will also require the cabinet panel on investments' final approval.