A Jet Airways passenger plane moves along the tarmac at the Sardar Vallabhbhai Patel international airport in the western Indian city of Ahmedabad, April 24, 2013. Fast-growing Etihad Airways is taking almost a quarter stake in India's Jet Airways , giving it a bigger foothold in the fast-growing Indian market. The $379 million investment is the first by an overseas operator in an Indian airline since ownership rules were relaxed and provides India's largest carrier with a deep-pocketed global partner as well as cash to retire debt.
James Hogan(L), Etihad's chief executive, speaks as International Airlines Group (IAG) CEO Willie Walsh looks on during the Global Summit meeting at Etihad towers in Abu Dhabi, April 10, 2013. Etihad Airways' purchase of a stake in India's Jet Airways could be delayed until at least August as the Abu Dhabi carrier seeks assurances following setbacks for several Gulf investors in India, two sources familiar with the talks said.
Shares in Jet Airways India fell nearly 3 percent and SpiceJet shares dropped 3.4 percent after India's Foreign Investment Promotion Board (FIPB) approves AirAsia's proposal to set up a joint venture in India, raising concerns about increased competition.
New Delhi: Jet Airways Chairman Naresh Goyal today met Civil Aviation Secretary K N Shrivastava apparently to clear the air on proposed deal with Etihad Airways amid reports that his plans to offload a minority stake to the Abu Dhabi-based carrier is on the verge of collapse.
Goyal during his meeting is understood to have informed the top official that the proposed deal is very much on track and the airline will approach the ministry with a proposal in this regard as soon as the negotiations are concluded, sources said.
Goyal is also understood to have told Shrivastava that the carrier is in the process of finalising some new routes and will accordingly seek the governments nod to operate on those routes.
Mumbai: Jet Airways, which is in the process of finalising a stake sale deal with Etihad Airways, plans to extend its code share agreement with the Abu Dhabi-based carrier to the Mumbai-Brussels-Newark route, sources said. Besides, the Naresh Goyal-owned carrier will also dry lease three of its Boeing 777s to the Turkish Airlines, they said.
We are in the process of extending our code share agreement with Etihad to the Mumbai-Brussels-Newark route, a top ranking Jet Airways executive told PTI here.
Mumbai: Shares of Jet Airways India today surged about 10 percent, adding Rs 432 crore to its market capitalisation, amid reports Abu Dhabi's Etihad Airways may buy some stake in the Indian carrier directly from promoters.
Following the speculation, shares of the company rallied over 13 percent in intra-day trade but pared some gains to settle at Rs 554.10, up 9.93 per cent on the BSE
