Etihad to finalise agreement with Jet Airways

January 23, 2013 - 6:27:30 am


NEW DELHI: Abu Dhabi’s Etihad Airways will finalise a deal to buy a stake in India’s Jet Airways on Friday, CNBC TV18 reported, in what would be the first such investment by a foreign carrier in an Indian airline since rules were relaxed last year.

A deal may be announced as early as Friday or by the first week of February, the TV channel said, citing unnamed sources.

The Gulf carrier could pay up to $330m for a 24 percent stake in Jet, India’s second-biggest carrier, a senior government source said earlier this month. Etihad and Jet did not immediately respond to requests for comment.

The Indian government allowed foreign carriers to buy stakes of up to 49 percent in local carriers in September 2012, a move seen as a boon for India’s debt-laden airlines.

Jet has previously said it was in talks with Etihad, but the terms of the deal were not finalised. 

Etihad and Jet have a code-sharing agreement, and a tie-up could make Jet a more formidable competitor to state-owned Air India, while strengthening Etihad’s position against Dubai-based Emirates Airline, which carries a big chunk of the traffic between India and the Middle East. Jet shares, which have gained 180 percent over the past year on hopes of a potential fund raising, were up 2 percent at 617.25 rupees on the National Stock Exchange. reuters


Two suspected Hizbul Mujahideen men held


Mumbai: Two men, allegedly belonging to Hizbul Mujahideen, were arrested here for circulating fake currency notes in the country and conducting a recce of important spots in Jammu and Kashmir, a Mumbai Police official said yesterday.

“The duo — Farooq Naiku, 37, and Mohammed Talukdar, 32 — were arrested from a guest house in south Mumbai. They have been remanded in police custody until today,” Joint Commissioner of Police (Crime Branch) Himanshu Roy told reporters here. Roy said that police are trying to ascertain if either or both of the arrested men played any role in the Azad Maidan riots here on August 11 last year. 

According to Roy, it was revealed during interrogation that Naiku was a member of the terror outfit and has been operating mostly from Jammu and Kashmir. Originally from Baramulla, Naiku had, however, been living in Navi Mumbai disguised as a dry fruit vendor.IANS