Shareholders in Jet Airways approved an agreed sale of a 24 percent stake in the airline to Abu Dhabi's Etihad Airways, a senior executive at the Indian carrier said on Friday.
Jet Airways, however, deferred seeking shareholder approval for a new set of "Articles of Association" as it awaits regulatory clarity, Company Secretary Arun Kanakal told Reuters after a shareholders' meeting.
Etihad, in April, agreed to acquire a 24 percent stake in Jet for USD 370 million, giving it a bigger foothold in the fast-growing Indian market.
Etihad's investment is the first by an overseas operator in an Indian airline since ownership rules were relaxed and provides Jet with a deep-pocketed global partner as well as cash to retire debt. Also Read: Naresh Goyal buys 29% stake in Jet from promoter entity
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!