New Delhi, Oct 3 IBNS | 2 years ago

The Union Cabinet cleared the Jet Airways-Etihad Airways deal on Thursday.

"The Cabinet Committee on Economic Affairs today gave its approval to the proposal of M/s. Etihad Airways PJSC, United Arab Emirates for subscribing 2,72,63,372 (two crore seventy two lakh sixty three thousand three hundred seventy two) equity shares of Rs.10 each of M/s. Jet Airways (India) Limited amounting to 24 percent of the post issue paid up equity share capital for an amount not exceeding Rs.2057.66 crore," the government said in a statement on Thursday.

"The Foreign Investment Promotion Board (FIPB) has recommended the proposal," it said.

The approval would result in foreign investment amounting to Rs.2057.66 crore in the country.

(Posted on 04-10-2013)