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Jet Airways shareholders approve Etihad deal

business Updated: May 24, 2013 13:19 IST

Shareholders in India's Jet Airways approved an agreed sale of a 24% stake in the airline to Abu Dhabi's Etihad Airways, a senior executive at the Indian carrier said on Friday.

Jet Airways, however, deferred seeking shareholder approval for a new set of "Articles of Association" as it awaits regulatory clarity, company secretary Arun Kanakal told Reuters after a shareholders' meeting.

Etihad, in April, agreed to acquire a 24% stake in Jet for $370 million, giving it a bigger foothold in the fast-growing Indian market.

Etihad's investment is the first by an overseas operator in an Indian airline since ownership rules were relaxed and provides Jet with a deep-pocketed global partner as well as cash to retire debt.