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HindustanTimes Fri,28 Nov 2014

Jet Airways jumps on hopes of clearance for Etihad deal

Reuters  Abu Dhabi, September 02, 2013
First Published: 12:54 IST(2/9/2013) | Last Updated: 13:05 IST(2/9/2013)

Shares in Jet Airways (India) Ltd rose as much as 7.7 % after Abu Dhabi's Etihad Airways said it expected its investment in the Indian carrier to be cleared by Indian authorities "imminently". 

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The deal, which had been delayed due to concerns raised by regulators and politicians in India, won a key approval from the Foreign Investment Promotion Board in late July.

It still needs to be cleared by the antitrust regulator and a cabinet panel. 

Etihad and Jet have extended the deal closing deadline for the second time until the end of September.

Etihad is buying a 24 % stake in Jet for about $379 million. It will also invest $150 million in Jet's frequent flyer programme, and paid $70 million to buy Jet's three pairs of Heathrow slots through a sale and leaseback agreement. 

By 0607 GMT, Jet Airways shares up 4.5 % at Rs. 305.45 rupees, still less than half the Rs. 754.74 a share Etihad is paying for the stake.


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