Mumbai: The Rs 2,069 crore rpt Rs 2,069 crore Jet Airways deal with Etihad Airways finally took off on Wednesday with Naresh Goyal becoming the country's first airline promoter to receive foreign investment by selling 24 per cent stake to the Abu Dhabi-based carrier.
The two airlines jointly announced the completion of the Rs 2,069-crore (USD 380 million at the rupee rate on the day the deal was announced on April 24 this year) transaction under which Jet transferred 2.73 crore equity shares, aggregating to 24 per cent of its paid-up equity capital, to Etihad.
The announcement came after a board meeting of the Indian private airline at the Jet headquarters here this afternoon, which lasted for over an hour. The board also approved sale of the Jet Privilege Frequent Flyer Programme (JPMiles) business to its subsidiary Jet Privilege Pvt Ltd as a going concern on a slump sale basis. The JPMile deal will involve Etihad pumping in USD 150 million for a 50.1 per cent stake in the venture. The finalisation of the deal came over a week after fair trade regulator Competition Commission of India (CCI) approved the acquisition of stake in Jet by Etihad, clearing the last hurdle for first such deal in the country's aviation sector, where most players are facing tough time.
20/11/13 PTI/Deccan Chronicle
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The two airlines jointly announced the completion of the Rs 2,069-crore (USD 380 million at the rupee rate on the day the deal was announced on April 24 this year) transaction under which Jet transferred 2.73 crore equity shares, aggregating to 24 per cent of its paid-up equity capital, to Etihad.
The announcement came after a board meeting of the Indian private airline at the Jet headquarters here this afternoon, which lasted for over an hour. The board also approved sale of the Jet Privilege Frequent Flyer Programme (JPMiles) business to its subsidiary Jet Privilege Pvt Ltd as a going concern on a slump sale basis. The JPMile deal will involve Etihad pumping in USD 150 million for a 50.1 per cent stake in the venture. The finalisation of the deal came over a week after fair trade regulator Competition Commission of India (CCI) approved the acquisition of stake in Jet by Etihad, clearing the last hurdle for first such deal in the country's aviation sector, where most players are facing tough time.
20/11/13 PTI/Deccan Chronicle
