Etihad Airways, the Abu-Dhabi based carrier purchasing a 24 percent stake in Jet Airways (India) Ltd. (JETIN) , said it expects the $600 million investment to be approved by Indian authorities “imminently.”
The deadline for the regulatory approval of the deal was extended to the end of September from Aug. 31, an Etihad spokesperson said by telephone yesterday.
“The revised agreements are expected to be endorsed by the Competition Commission of India and the Indian Government imminently,” the carrier said in an e-mailed statement yesterday. This is the second deadline extension for the deal approval.
The transaction marks the first stake sale by an Indian carrier to a foreign airline after the nation eased ownership rules last year. The airlines won conditional approval from India’s Foreign Investment Promotion Board in July, pending further approvals from the country’s finance minister and Cabinet Committee on Economic Affairs.
“We are working very closely with the Indian Government and regulatory authorities to ensure we meet all the requirements of the new foreign direct investment legislation,” Etihad Chief Executive James Hogan said in the statement.
Hogan and Jet Airways Chairman Naresh Goyal met in Mumbai this past weekend to “review progress on the finalization” of the deal, according to the statement.
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