Jet-etihad Deal

Etihad Airways, which has a 24 per cent stake in Jet Airways, on Wednesday said the alliance carried 63 per cent more passengers from the country in 2015 at 3.3 million.

Abu Dhabi-based Etihad Airways denied a media report on Tuesday that it is in discussions with the Indian government to raise its 24 per cent stake in Jet Airways.

It was in April 2012 that Abu Dhabi-based Etihad acquired 24 per cent stake in Jet Airways for close to Rs 2,000 crores.

Clearing last of its regulatory hurdles, Jet Airways' commercial alliance with Abu Dhabi-based Etihad including a Rs 2,060-crore stake sale has received approval from the Competition Commission of Singapore.

The deal which involves purchase of a 24 per cent stake in Naresh Goyal-led Jet for about Rs 2,060 crore by Etihad and other tie-ups, has been going through turbulent times ever since it was announced more than a year ago in April 2013.

Salary payments at the Naresh Goyal-run Jet Airways continue to be delayed despite the Rs 2,060 crore infusion by Etihad, and the issue would be raised at the meeting of the staff representatives and chief operating officer Hameed Ali this week, according to sources.

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.

Representatives of Jet Airways and Etihad Airways on Wednesday met Securities and Exchange Board of India (Sebi) officials and sought an early clearance to their Rs 2,060-crore deal from the capital market watchdog, according to sources.

In further regulatory turbulence for the Rs 2,060-crore deal between Jet Airways and Etihad Airways, the Securities and Exchange Board of India (Sebi) has initiated fresh proceedings against the Abu Dhabi carrier, according to sources.

Former Air India executive director Jitendra Bhargava had filed the appeal questioning the decision of CCI to approve the Jet-Etihad deal without carrying out a detailed assessment.

Former Air India Executive Director Jitender Bhargava filed the appeal challenging the decision of the Competition Commission of India to clear the Jet-Etihad deal without carrying out a detailed assessment.

The Rs 2,060-crore Jet-Etihad deal seems to have hit a fresh round of regulatory turbulence, with the Abu Dhabi carrier rejecting any obligation to make an open offer for minority shareholders of the Indian carrier.

SEBI issued the notice to Etihad on Wednesday and asked for a response on why it should not make a tender offer to Jet public shareholders as part of takeover rules, said the source.

Abu Dhabi-based Etihad's acquisition of a 24 per cent stake in Naresh Goyal-led Jet Airways, the first foreign direct investment (FDI) in an Indian carrier by an overseas airline, was announced in April 2013 and approved by the Securities and Exchange Board of India (Sebi) last year.

The Competition Commission of India (CCI) has held on to its observation about Etihad Airways gaining joint control in Jet Airways and "significant" rights to appoint directors with a 24 per cent stake purchase, while rejecting a plea to "rectify" its order that approved the deal earlier this month.

Etihad Airways, which has a 24 per cent stake in Jet Airways, on Wednesday said the alliance carried 63 per cent more passengers from the country in 2015 at 3.3 million.

Abu Dhabi-based Etihad Airways denied a media report on Tuesday that it is in discussions with the Indian government to raise its 24 per cent stake in Jet Airways.

It was in April 2012 that Abu Dhabi-based Etihad acquired 24 per cent stake in Jet Airways for close to Rs 2,000 crores.

Clearing last of its regulatory hurdles, Jet Airways' commercial alliance with Abu Dhabi-based Etihad including a Rs 2,060-crore stake sale has received approval from the Competition Commission of Singapore.

The deal which involves purchase of a 24 per cent stake in Naresh Goyal-led Jet for about Rs 2,060 crore by Etihad and other tie-ups, has been going through turbulent times ever since it was announced more than a year ago in April 2013.

Salary payments at the Naresh Goyal-run Jet Airways continue to be delayed despite the Rs 2,060 crore infusion by Etihad, and the issue would be raised at the meeting of the staff representatives and chief operating officer Hameed Ali this week, according to sources.

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.

Representatives of Jet Airways and Etihad Airways on Wednesday met Securities and Exchange Board of India (Sebi) officials and sought an early clearance to their Rs 2,060-crore deal from the capital market watchdog, according to sources.

In further regulatory turbulence for the Rs 2,060-crore deal between Jet Airways and Etihad Airways, the Securities and Exchange Board of India (Sebi) has initiated fresh proceedings against the Abu Dhabi carrier, according to sources.

Former Air India executive director Jitendra Bhargava had filed the appeal questioning the decision of CCI to approve the Jet-Etihad deal without carrying out a detailed assessment.

Former Air India Executive Director Jitender Bhargava filed the appeal challenging the decision of the Competition Commission of India to clear the Jet-Etihad deal without carrying out a detailed assessment.

The Rs 2,060-crore Jet-Etihad deal seems to have hit a fresh round of regulatory turbulence, with the Abu Dhabi carrier rejecting any obligation to make an open offer for minority shareholders of the Indian carrier.

SEBI issued the notice to Etihad on Wednesday and asked for a response on why it should not make a tender offer to Jet public shareholders as part of takeover rules, said the source.

Abu Dhabi-based Etihad's acquisition of a 24 per cent stake in Naresh Goyal-led Jet Airways, the first foreign direct investment (FDI) in an Indian carrier by an overseas airline, was announced in April 2013 and approved by the Securities and Exchange Board of India (Sebi) last year.

The Competition Commission of India (CCI) has held on to its observation about Etihad Airways gaining joint control in Jet Airways and "significant" rights to appoint directors with a 24 per cent stake purchase, while rejecting a plea to "rectify" its order that approved the deal earlier this month.