Jet-Etihad deal: Cabinet clears biggest FDI
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Clearing the decks for the biggest foreign investment in aviation, the Cabinet Committee on Economic Affairs (CCEA) on Thursday gave the go-ahead to the Rs 2,058 crore stake sale deal between Jet Airways and Abu Dhabi-based Etihad Airways.
The deal, announced in April this year, should result in wider international connectivity for Indian flyers, especially those flying from tier-II cities, as Jet plans to offer international connectivity from 23 cities in the country through the Abu Dhabi hub.
The deal, entailing a 24 per cent stake sale by Jet to Etihad, was cleared by the Foreign Investment Promotion Board (FIPB) in July.
"The Cabinet has cleared the deal. There are no regulatory concerns left, as all of them were addressed by the FIPB," Civil Aviation Minister Ajit Singh told reporters after the CCEA meeting. The airline will now have to apply to the civil aviation ministry and the Directorate General of Civil Aviation for approvals. An approval from the Competition Commission of India, which is reviewing the deal, is also awaited.
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