Etihad Airways, the national airline of the United Arab Emirates (UAE), has agreed to acquire a 24% stake in Indian carrier Jet Airways for about US$380 million. The deal with Abu Dhabi-based Etihad is the first since the government permitted foreign airlines to acquire up to 49% of the equity of scheduled and non-scheduled air transport services in September 2012.
Prior to the reforms, foreign direct investment (FDI) in civil aviation was permitted by foreign entities other than airlines and airlines could only invest in non-passenger air transport services such as cargo airlines.
After months of intense negotiations, Etihad agreed to subscribe for 27,263,372 new shares in Jet Airways at a price of ₹754.74 (US$14) per share. The deal is subject to various conditions and regulatory approvals.
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