Shareholders of India’s Jet Airways approved a deal in Etihad Airways that will take a 24 percent stake in the private carrier. Shares will be allotted only after completion of all regulatory approvals.
“The commercial agreement with Etihad will help us to expand network, reduce costs and increase profitability,” Jet’s chairman Naresh Goyal reportedly told shareholders.
The Jet-Etihad deal, announced in April, is the first overseas investment in an existing Indian carrier since New Delhi eased restrictions in September to allow foreign firms a 49 percent stake in the country’s airlines.
