be announced tomorrow after a board meeting of Jet Airways. If the deal is carried through, it would be the first investment by a foreign carrier in an Indian airline.
Jet sources said they would seek regulatory approvals only after the deal with Etihad was firmed up. "An appropriate announcement would be made upon finalisation of the terms of the investment with Etihad as per legal and regulatory requirements," they said.
An Etihad spokesperson had earlier said that investments in foreign airlines "will be made where Etihad Airways believes the commercial prospects are strong, where there are like-minded business philosophies, and where such commitment will be welcomed. If or when we do make further investments of this sort, we will announce them in line with regulatory and commercial requirements."
Etihad has in the past two years picked up stake in several international carriers like Virgin Australia, airberlin, Air Seychelles and Aer Lingus.
When Etihad was set up in 2003, it had sought the help of the Naresh Goyal-owned carrier to set up its systems and Jet had given assistance with its specialists in various fields of aviation operations. Unconfirmed reports had then said Goyal had also invested money in the Gulf carrier.
A major reason for Goyal to dilute part of his shareholding in Jet from 80 per cent has been the order of the Foreign Investment Promotion Board (FIPB) to bring it down to the regulatory levels.
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