Jet mulls ways to get FIBP nod for deal

Jul 27, 2013 |

Age Correspondent

With a meeting of the Foreign Investment Promotion Board expected to take place on July 29 to discuss the Jet-Etihad FDI deal, Jet Airways is understood to be considering several options, including a marginal reduction in the number of Etihad representatives on the Jet Airways board, assuring the government that Mumbai would be the “place of business” where crucial decisions would be taken.

There were apprehensions in government circles that several crucial departments of the airline could be relocated to Abu Dhabi but Jet is likely to allay any such fears. The Jet Airways management is also likely to furnish proof to the FIPB that it will continue to retain substantial ownership and effective control of the airline and that the FDI deal will not mean a de facto takeover of the airline by Etihad.
On June 14, the FIPB had deferred the necessary approval needed for the deal following certain concerns. The FIPB will meet on Monday on whether to accord approval to the `2,050 crore FDI deal betw-een Jet Airways and the UAE carrier.

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