cabinet-gives-nod-to-jet-airways-etihad-deal

Cabinet gives nod to Jet Airways-Etihad deal

New Delhi, Oct 04 (ANI): Paving the way for the biggest foreign investment in India's aviation sector, the union cabinet of India has approved a $330 million deal by Abu Dhabi's Etihad Airways to buy a stake in Jet Airways, taking the companies one step closer to complete the long-delayed deal. India’s Aviation Minister Ajit Singh confirmed this in New Delhi and said that the deal would benefit passengers at large. Etihad had agreed in April to buy a 24 percent stake in Jet in the first such deal since the government relaxed rules in September 2012 to allow foreign airlines to own up to 49 percent of Indian carriers. Oct 4, 2013