Jet AirwaysEtihad deal
Jet Airways will sell a minority stake to fast-growing Abu Dhabi-based carrier Etihad Airways for Rs 2,060 crore (roughly USD 379 million) after months of negotiations.
India's largest airline by market share said in a brief statement to the stock exchange that its board approved the allotment to Etihad of 27.3 million shares at Rs 754.74 each on a preferential basis.
*India and UAE signed an MoU on Air Services today
-Both sides agreed to allocate an additional 36,670 seats per week over 3 years
Alert: Existing bilateral rights stands at 13,330 weekly seats
Jet's majority ownership will remain with Indian nationals and Jet's founder and non-executive chairman Naresh Goyal will hold 51 percent of the airline after the deal, which is subject to shareholder approval, the statement added.
As part of the deal Jet will establish a hub in Abu Dhabi and expand its reach through Etihad Airways' global network.