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Jet-Etihad Rs 2000 plus crore deal to be cleared

Air Asia, the Malaysian low cost airline is set to be launched on domestic skies, in collaboration with Tata Airlines, by end 2013. And now, there’s the additional news that Jet-Etihad’s Rs 2058 crore deal will be cleared soon by the Foreign Investment Promotion Board (FIPB). Spice Jet, Indigo, Go Air and Air India – all fighting for survival – will find the going tougher. The Jet-Etihad deal will  give Jet access to Middle Eastern sector and will give Etihad access to the Indian skies. While there appears to be no uncertainty about the clearance, both airlines are tense about last minute hiccups.

The Finance Ministry has written to the Jet management seeking clarification on who will hold how much equity and who will control the new company. There is a fear that if the shakeout in the airline industry continues, Jet might sell off its equity or reduce its equity in favour of Etihad making the latter the majority partner.

 

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