Jet Airways deal needs to be revised, says Etihad chairman

Written by Reuters | Abu Dhabi | Updated: Feb 18 2013, 06:47am hrs
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 airlines 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 Indian trade minister Anand Sharma to discuss the deal.

Asked if a Jet deal would be signed by March or April, Sheikh Hamed said: I dont 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. Asked if a Jet deal would be finalised soon, Sheikh Hamed said: Its too early to decide.

Sheikh Hamed, who is also the managing director of the 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.

He also dismissed talk of the carriers interest in grounded Kingfisher Airlines as rumours.