Mumbai: Etihad Airways has formally approached the Competition Commission of India to seek its nod for its acquisition of a 24 per cent stake in Jet Airways. The deal is valued at Rs 2,054 crore. The application to CCI was made on Wednesday evening.
Meanwhile, according to reports, Jet has also sought Foreign Investment Promotion Board (FIPB) approval to sell 24 per cent stake in the company to the Gulf carrier.
The deal was announced on April 25 making the buyout one of the first foreign investments in an Indian airline since ownership restrictions were liberalised in September 2012.
Interestingly, the deal is one of the first transactions in the airline sector to be notified to the Commission.
02/05/14 Bindu D Menon/Business Line
