Etihad discussion on, await announcement: Jet Air

Moneycontrol Bureau

Jet Airways has confirmed talks with Gulf carrier Etihad and at this stage it cannot make any official announcement, it said. Jet Air, which is learnt to be in talks with Etihad since a few months, has reacted to newspaper reports suggesting that it will sell 24% stakes for around Rs 1,800 crore in ten days.

The airline in a filing to the BSE said that while Jet Air and Etihad are in a talks regarding a potential investment by the latter in the former, these discussions have commenced recently pursuant to the liberalised FDI policy which permitted foreign investment in Indian airlines.

"The discussions are in progress but no terms have been firmed up at present. Various structures are being explored by the legal and commercial teams and care is being taken to ensure that all the Indian regulatory requirements are fully complied with," it said.

By its very nature, there cannot, at this stage, be a firm time line as to the progress of these negotiations. Since no agreement has been reached with Etihad as yet, no regulatory approvals have been sought at present.
 
An appropriate announcement shall be made upon finalisation of the terms of the investment with Ethiad as per legal and regulatory requirements, said the statement.