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Etihad needs to revise Jet deal: chairman

india Updated: Feb 17, 2013 21:16 IST

Etihad Airways needs to revise its deal to buy a stake in Jet Airways and it is too soon to say when a final agreement will be struck, the Abu Dhabi airline's chairman said on Sunday.

Sheikh Hamed bin Zayed al-Nahayan, speaking on the sidelines of a defence exhibition in the UAE capital, said officials would meet Commerce minister Anand Sharma over the deal.

Asked if a Jet deal would be signed by March or April, Sheikh Hamed said: “I don’t know ... we need to revise it.”

The terms of the possible deal have not been disclosed, but a government source said earlier this month Etihad was in talks to pick up a 24% stake in Jet for up to $330 million (R1,782 crore).

Asked if a Jet deal would be finalised soon, Sheikh Hamed said: “It’s too early to decide.”

Sheikh Hamed, who is also managing director of sovereign wealth fund Abu Dhabi Investment Authority, did not specify why the deal needs to be revised. “We need to talk with the Indians about other issues ... including this,” he said.

Sheikh Hamed also dismissed as “rumours”, talk of the carrier's interest in India’s grounded Kingfisher Airlines.