Jet Airways and Etihad Airways are proud to announce the conclusion of the transaction for the subscription of 24 per cent minority equity stake in Jet Airways. This follows all government and regulatory approvals received on the 12th of November 2013. The infusion of foreign direct investment in the Indian aviation sector will result in economies of scale, growth in traffic at Indian airports and will create job opportunities across the aviation and tourism sectors. It will greatly benefit all our stakeholders whilst significantly benefitting our guests who will now have access to a more expanded global network, enhanced connectivity for tourists, business travellers, and the wider travelling public. India is one of the largest and fastest-growing markets in the world. Through this association, Jet Airways and Etihad Airways will both be strengthened as will be the economies of India and the UAE. By linking our two networks and adding new flights, new routes and more code-share options, travel to, from and within India will become more accessible/ convenient. Etihad Airways and Jet Airways will combine their network of 130 destinations, with Jet Airways establishing a Gulf gateway in Abu Dhabi and expanding it’s reach through Etihad Airways’ growing global network. Under the strategic partnership, both airlines will gradually expand existing operations and introduce new routes between India and Abu Dhabi thus providing an ever wider choice to the travelling public. Guests from 55 cities in India will benefit from connections to international destinations. New flights from our home hubs of Mumbai and Delhi and other metro airports will further strengthen our current operations from these airports. Our vision continues to be to develop Delhi and Mumbai airports as our primary home hubs and connecting them to Asia, Europe, Africa and other regions. The Jet Airways group currently operates a fleet of 113 state-of-the-art wide and narrow-bodied aircraft under the Jet Airways and JetKonnect brand. India's envoy to UAE backed Jet-Etihad- TOI-08Mar2014
NEW DELHI: Was Jet Airways' stake sale deal with Abu Dhabi's Etihad cleared following pressure from diplomatic quarters? It has now emerged that India's envoy to UAE, T P Seetharam, had written a note to the finance ministry last month pushing for the deal - a week after market regulator Sebi issued a show-cause notice to Etihad on the key issue of "effective control" of Jet after the Abu Dhabi-based carrier's $379-million deal to pick up 24% in Jet.
Sebi had on February 14, 2014, issued the show cause notice over reported violation of takeover norms as it felt there was a "change in control" at Jet after the deal. The regulator wanted to know why action should not be taken on this issue - something that could have derailed the Jet-Etihad deal, the first instance of investment by a foreign airline in an Indian carrier after the FDI rules were changed. The Sebi notice was issued after (Competition Commission of India) believed that Etihad was in joint control of Jet with its promoter Naresh Goyal. The takeover code requires that the acquirer must make an open offer in this situation. Airline sources say the show cause notice has been replied to. A week later, Seetharam wrote to the department of economic affairs, batting for the deal. "Would be advisable to resolve this matter expeditiously... ministry should seek clarification from Competition Commission of India (CCI) on what is 'joint control' after Etihad has reduced its board members... Whether the joint control is only over corporate governance of Jet Airways, which is not the case because of change in transaction documents," the envoy wrote. Jet-Etihad deal: Etihad evades open offer obligation-Business today 11Mar2014 The Rs 2,060-crore Jet-Etihad deal seems to have hit a fresh round of regulatory turbulence, with the Abu Dhabi carrier rejecting any obligation to make an open offer for minority...
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