Etihad should revise Jet Airways deal
Shaikh Hamed bin Zayed Al Nahyan, speaking on the sidelines of a defence exhibition in Abu Dhabi, said officials would meet Indian Trade Minister Anand Sharma to discuss the deal.
Asked if a Jet deal would be signed by March or April, Shaikh Hamed said: “I don’t know... we need to revise it.”
The terms of the possible deal have not been disclosed, but a government source said earlier this month Etihad was in talks to pick up a 24 per cent stake in Jet for up to $330 million.
Asked if a Jet deal would be finalised soon, Shaikh Hamed said: “It’s too early to decide.”
Shaikh Hamed, who is also managing director of sovereign wealth fund Abu Dhabi Investment Authority, did not specify why the deal needs to be revised.
“We need to talk with the Indians about other issues... including this,” he said.
Etihad’s chief executive said this month the Abu Dhabi carrier was conducting due diligence on making an investment and would present the findings to its board. The Jet Airways deal would be the first foreign investment in India’s aviation industry since the government relaxed ownership rules last September.
This allows foreign airlines to buy up to 49 per cent in the country’s domestic carriers, many of which are facing stiff competition and high operating costs.
Shaikh Hamed also dismissed talk of the carrier’s interest in India’s grounded Kingfisher Airlines as “rumours”.
Kingfisher said in December it was in talks with several investors, including Etihad, for a stake sale but those hopes have faded as the indebted airline remains grounded.
- Egyptian stocks plummet as Yemen confict deepens
- Mission to Mars: UAE plans Arab region's first unmanned probe
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis
- Ethiopia launches $2.8m research survey for Nile basin development
- UAE sweetens flotation regulations to attract more investment
- Eithad looks set to seal the deal with India's Jet Airways
- A magic wand? Etihad-Backed Jet Airways posts first profit since 2012
- Etihad Airways to invest us$379 million for a 24 per cent stake in Jet Airways
- Alitalia and Etihad Airways finalise €1,758 million investment deal to build a reinvigorated Alitalia as a competitive, sustainably profitable business