Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

India Cabinet Approves Abu Dhabi Air Accord to Add Flights

Sept. 3 (Bloomberg) -- India approved an accord with Abu Dhabi allowing carriers in the two countries to add flights.

The bilateral air services agreement with Abu Dhabi was approved by the cabinet, Farooq Abdullah, federal minister for renewable energy, told reporters in New Delhi today. The accord will more than triple the number of seats carriers can sell on flights between the two countries to about 50,000 per week through 2015 from 13,300 a week now, two government officials who were briefed on the matter said before the meeting.

The agreement will help Abu Dhabi-based Etihad Airways PJSC increase services to India as it seeks to purchase a 24 percent stake in Jet Airways (India) Ltd. to tap travel demand in a market that’s set to become the world’s second-fastest growing by 2016. An investment by Etihad will make it the first overseas carrier to invest in an existing local carrier after India eased ownership rules last year.

In April, Etihad agreed to purchase 27.26 million Jet shares for 20.6 billion rupees ($303 million). The deadline for concluding the stake purchase has been extended to the end of September from Aug. 31, as the carriers await Indian regulatory approval including from the antitrust watchdog, a spokesperson for the Abu Dhabi-based carrier said Sept. 1.

To contact the reporters on this story: Bibhudatta Pradhan in New Delhi at bpradhan@bloomberg.net; Abhijit Roy Chowdhury in New Delhi at achowdhury11@bloomberg.net

To contact the editor responsible for this story: Hari Govind at hgovind@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.