 "Etihad and Jet Airways in meet to finalise deal")
Source tell CNBC TV18 that Senior Etihad Execs are meeting currently to finalise the Jet deal. Etihad’s Chief Strategy Officer, CEO, and CFO are present at the meet. They are reportedly finalising plans on how to fund the buy and a joint go-to-market strategy.
The Gulf carrier could pay up to $330 million for a 24 percent stake in Jet, India’s second-biggest carrier, a senior government source said earlier this month.
The Indian government allowed foreign carriers to buy stakes of up to 49 percent in local carriers in September 2012, a move seen as a boon for India’s debt-laden airlines.
Jet has previously said it was in talks with Etihad, but the terms of the deal were not finalised.
Etihad and Jet have a code-sharing agreement, and a tie-up could make Jet a more formidable competitor to state-owned Air India, while strengthening Etihad’s position against Dubai-based Emirates Airline, which carries a big chunk of the traffic between India and the Middle East.
Jet shares, which have gained 180 percent over the past year on hopes of a potential fund raising, were up 2 percent at Rs 617.25 on the National Stock Exchange.
with inputs from Reuters
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