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UAE/India: $325M Jet-Etihad merger cleared for takeoff

 |  November 12, 2013

The proposed merger between Abu Dhabi-based Etihad and India’s Jet Airways has earned clearance from the Competition Commission of India, reports say.

Etihad will acquire a 24 percent stake in Jet Airways; completion of the buyout will likely finalize in about two weeks, according to sources.

The merger process is also set to include Jet Airways head Naresh Goyal’s sale of 6 percent of his stake in the company, bringing his shareholding down to 51 percent.

The merger had originally lead to political controversy as well as outcry from India rival Air India, say reports.

Full Content: Business Standard

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