Mumbai: Private carrier Jet Airways is re-working a comprehensive profitability plan sought by its foreign partner Etihad Airways, which completed a 24 per cent stake purchase in the Naresh Goyal-led carrier recently.
The development comes on the heels of the market regulator Sebi exempting the UAE carrier from making an open offer to the public shareholders of Jet.
Had Sebi insisted on making an open offer, Etihad would have automatically become the controlling partner of Jet with 50 per cent stake, which would have been 1 per cent more than what the sectoral FDI norms permit.
Reportedly, Etihad skirted open offer scare following which both partners reworked some of their JV terms.
18/05/14 PTI/Economic Times
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The development comes on the heels of the market regulator Sebi exempting the UAE carrier from making an open offer to the public shareholders of Jet.
Had Sebi insisted on making an open offer, Etihad would have automatically become the controlling partner of Jet with 50 per cent stake, which would have been 1 per cent more than what the sectoral FDI norms permit.
Reportedly, Etihad skirted open offer scare following which both partners reworked some of their JV terms.
18/05/14 PTI/Economic Times
