Cabnet clears Jet Airways-Etihad deal

New Delhi, Oct 3 : 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.

--IBNS (Posted on 04-10-2013)

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