New Delhi: Abu Dhabi carrier Etihad's Rs 2,058-crore stake purchase in Jet Airways has hit a regulatory air pocket, as regulators are seeking more clarity on the deal to ensure overall competition in the aviation market is not affected and interests of public shareholders and consumers are protected.
Separate clarifications have been sought on the deal, which involves a 24 per cent stake purchase in Jet by Etihad and is the first investment by a foreign carrier in an Indian airline, by capital markets regulator Sebi (Securities and Exchange Board of India) and fair trade watchdog CCI (Competition Commission of India).
While the queries raised by the two regulators are different, both of them are concerned about certain contours of the transaction that indicate a larger control of Etihad in Naresh Goyal-led Indian carrier despite the purchase of only 24 per cent stake, sources said....
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01:59 PM, May 23, 2013
Mumbai: Jet Airways on Tuesday said it has got regulatory extension to meet the mandatory 25 per cent public shareholding norm in the private airline. In a filing to BSE, Jet said Sebi, on May 13, relaxed the requirement of 12-week cool-off period after the proposed inter se transfer of shares to enable the company to undertake the offer for sale through stock exchange mechanism to achieve the minimum level...
11:26 PM, May 14, 2013
New Delhi: Jet Airways is expected to order more than 100 planes from Boeing Co and Airbus at the Paris Airshow in June, a leading aviation consultancy said. The Centre for Asia Pacific Aviation (CAPA) said in a report it understood Jet has already confirmed an order for 50 737-MAX planes together with up to 10 777-300ERS from Boeing. CAPA said it expected a further order of 50 Airbus A320neo...
09:55 PM, May 09, 2013
Mumbai: Jet Airways group on Thursday said it has revised, with effective from May 15, the free baggage allowance to 15 kg in the economy class on all domestic routes, but has retained the cabin baggage limit at the previous level of 7 kg. The airline, in a statement, said it will charge a passenger flat Rs 250 for every additional baggage. However, the JetPrivilege members will continue to enjoy...
06:57 PM, May 09, 2013
Mumbai: Jet Airways on Monday said its promoter and chairman Nareh Goyal will bring down his stake in the company to 51 per cent to meet the Sebi requirement of 25 per cent floating shares. The airline has decided to give three director posts to Etihad Airways following the stake sale deal last week, it told exchanges in a filing. However, it is learnt that one of the three Etihad...
09:26 PM, Apr 29, 2013
New Delhi: Describing the over Rs 2,000 crore business proposal between Jet and Etihad airlines as a win-win deal, Civil Aviation Minister Ajit Singh today said it will be beneficial for flyers. In the first Foreign Direct Investment (FDI) deal after India opened up the aviation sector, Jet Airways will sell a 24 per cent stake to Etihad Airways in a $379 million (Rs 2,058 crore) deal. "It is a...
04:42 PM, Apr 25, 2013
Mumbai: Shares in Jet Airways surged as much as nearly 20 per cent after Gulf carrier Etihad Airways said it is taking almost a quarter stake in Jet Airways at Rs 754.74, a 31.7 per cent premium to Jet's closing share price on Tuesday. Etihad will also invest an additional $150 million in Jet's frequent flyer programme and spend $70 million to buy Jet's three pairs of Heathrow slots through...
10:19 AM, Apr 25, 2013
Dubai: Abu Dhabi's Etihad Airways confirmed it had taken a 24 per cent minority stake in Jet Airways for $379 million. The Gulf carrier said in an emailed statement it would subscribe to 27.3 million new shares at Rs 754.74 per share. Jet said in a brief statement to the stock exchange earlier on Wednesday that its board had approved the allotment to Etihad. Etihad, which is on an aggressive...
07:59 PM, Apr 24, 2013
Mumbai: Jet Airways will sell a minority stake to fast-growing Abu Dhabi-based carrier Etihad Airways for over Rs 20OO crore (roughly $379 million) after months of negotiations. India's largest airline by market share said in a brief statement to the stock exchange that its board approved the allotment to Etihad of 27.3 million shares at Rs 754.74 each on a preferential basis. The price represents a 31.7 per cent premium...
02:02 PM, Apr 24, 2013
New Delhi: Passengers from Tier-II cities would no longer have to change planes at a metro, if Jet Airways gets the government nod for its plans to mount code-share flights with Gulf carrier Etihad from 23 Indian cities by 2016. According to the plans submitted to the Civil Aviation Ministry, the Naresh Goyal-owned carrier is understood to have sought to connect to 23 cities with Abu Dhabi in the long...
05:00 PM, Apr 20, 2013
Domestic air travel is going to be costlier again with both state-run Air India and private carrier Jet Airways hiking fuel surcharge on flight tickets by up to Rs 150. "Both Jet Airways and Air India have revised their fuel urcharge on domestic network by up to Rs 150," an industry source said. ...
01:06 AM, Mar 29, 2013
Indian representatives on the board and indeed in the airline's senior management. Whether AirAsia Bhd's aircraft can be brought in for operation into India, a measure that would certainly be cheaper for the airline, is still unclear. Though the government has cleared the investment, AirAsia will actually have to lobby for permissions at every step. ...
05:00 PM, Mar 13, 2013
ith the government withdrawing Kingfisher Airlines' international flying rights and domestic slots, the Jet Airways has approached the Aviation Ministry to acquire six of the vacant slots, according to sources. ...
01:57 PM, Mar 03, 2013
SpiceJet started it in January and now Jet and Indigo have followed the suit of slashing fares through promotional campaigns in a bid to attract more customers and tide over a seasonally slow month of March. And while the strategy has definitely got fliers excited, with the Jet Airways website reportedly crashing soon after the offer was announced, sources say the Aviation Regulator may not be as pleased. ...
11:03 PM, Feb 20, 2013
The war over air fares has intensified with all Indian airlines competing with each other to offer low ticket prices, as Air India also jumped into the fray. A day after Jet Airways offered 20 lakh seats at Rs 2,250 for travel till the year-end and all no-frill carriers - IndiGo, SpiceJet and GoAir followed suit, Air India on Wednesday evening launched special fares offering a discount of up to...
10:05 PM, Feb 20, 2013
Shares in Jet Airways fell as much as 6.8 per cent on February 18, a day after the chairman of Etihad Airways said the Abu Dhabi-based carrier needed to revise the terms of a pending deal to buy a stake in the Indian airline. Etihad Chairman Sheikh Hamed bin Zayed al-Nahayan told reporters on February 17 that it was too soon to say when a final agreement between the two...
01:57 PM, Feb 18, 2013
Etihad Airways needs to revise its deal to buy a stake in India's Jet Airways and it is too soon to say when a final agreement will be struck, the Abu Dhabi airline's chairman said on Sunday. ...
12:38 AM, Feb 18, 2013
In a development that has serious portent for aviation security in India, almost three-fourths of airline and CISF personnel flunked a basic test conducted by the Bureau of Civil Aviation Security (BCAS) last month. ...
11:20 AM, Feb 10, 2013
Etihad Airways is close to taking a stake in Jet Airways, the Abu Dhabi airline said on Monday after reporting a tripling in profits for last year. ...
01:56 AM, Feb 05, 2013
Abu Dhabi's Etihad Airways, close to a tie-up with Jet Airways, expects to complete due diligence on the deal in the next week, the Gulf carrier's chief executive said on Monday. The Jet deal would be the first foreign investment into India's aviation market after the government relaxed ownership rules in September 2012, and allowed foreign carriers to buy up to 49 per cent in domestic carriers. ...
05:55 PM, Feb 04, 2013
