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HindustanTimes Tue,02 Sep 2014

Board to take final call on Jet stake: Etihad

PTI  Abu Dhabi/Mumbai, February 04, 2013
First Published: 21:34 IST(4/2/2013) | Last Updated: 21:43 IST(4/2/2013)

Gulf carrier Etihad, which is tipped to acquire 24% stake in Jet Airways, on Monday said it would complete due diligence on the Indian carrier within a week and leave it to its board to take a final view on the matter.

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In his first formal acknowledgment that the Abu Dhabi- based airline was interested in investing in Jet after several rounds of talks between the two carriers, president and CEO James Hogan said "We are undertaking due diligence," which would be completed in a week's time.

The findings would then be presented to the Etihad Board for it to take a final view on the matter, he said at a post-financial results press conference in Abu Dhabi.

Hogan had last week met finance minister P Chidambaram, commerce minister Anand Sharma and civil aviation minister Ajit Singh in Delhi to understand the new FDI rules and the regulatory requirements for buying equity in Jet Airways.

Etihad on Monday reported  a 200% jump in net profit for 2012 to $42 million (Rs 224.7 crore). Jet Airways has meanwhile said in Mumbai that discussions with Etihad were still going on and nothing has been finalised.

"It is too early to talk about all these things. The discussions are still going on. We have not finalised anything," Jet vice president (commercial strategy and investor relations) KG Vishwanath told financial analysts.

Etihad has in the past two years picked up stakes in several international carriers including Virgin Australia, airberlin, Air Seychelles and Irish carrier Aer Lingus.


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