29 APRIL 2013

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Article from BTNews 29 APRIL 2013

India investment by Etihad

Etihad Airways, the flag carrier on the United Arab Emirates, is continuing its airline investment strategy taking a 24% share in India’s Jet Airways, the largest carrier on the sub-continent.  The Abu Dhabi-based airline already has a 29.21% stake in Air Berlin and 40% with Air Seychelles.  Other investments include 2.987% of Aer Lingus and 10% of Virgin Australia. 

The £250m deal comes seven months after the Indian government relaxed restrictions on foreign investment in its airlines allowing up to a 49% holding.  The Gulf States airlines have long eyed India for route and frequency expansion, their ambitions thwarted by the Indian government.  This new move may mean a change in the rules.

Earlier this year Etihad paid £45m to acquire three pairs of Heathrow slots from Jet Airways through a sale and lease back agreement. Jet Airways continues to operate flights to London utilising these slots. www.jetairways.com www.etihad.com

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