Jet-Etihad deal: Jet Airways shares surge after Etihad Airways' stake buy approved

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Union Cabinet has cleared Jet Airways' proposed sale of 24% equity to Etihad Airways, days after the Rs 2,058 crore deal got regulatory clearances. (Reuters) Union Cabinet has cleared Jet Airways' proposed sale of 24% equity to Etihad Airways, days after the Rs 2,058 crore deal got regulatory clearances. (Reuters)
SummaryAbu Dhabi's Etihad Airways had agreed in April to buy a 24 per cent stake in Jet Airways.

Shares in Jet Airways (India) Ltd rose as much as 7.2 per cent after the cabinet approved on Thursday a $330 million deal by Abu Dhabi's Etihad Airways to buy a stake in Jet Airways.

Related: Cabinet clears Jet Airways stake sale to Etihad Airways

Etihad Airways had agreed in April to buy a 24 per cent stake in Jet Airways in the first such deal since the Indian government relaxed rules in September 2012 to allow foreign airlines to own up to 49 percent of Indian carriers.

Naresh Goyal's Jet Airways shares are up 4.15 per cent at 0953 am.

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