Etihad Keeping Jet Airways Stake, Confirms Goyal

Jet Airways (9W, Mumbai Int’l) is not losing its equity partner Etihad Airways (EY, Abu Dhabi Int’l) despite being on the lookout for other investors, Jet Chairman Naresh Goyal has confirmed. India Today reports that the Abu Dhabi carrier has no plans to disinvest itself of its 24% stake in the Indian airline.

As previously reported, Jet Airways is keen to find additional investors, as India has now lifted the foreign carrier ownership cap to 49%. It is looking to raise between USD200-250 million to help fund its growth plans, according to sources quoted in India’s Economic Times in mid-2017.

Jet Airways and Etihad have been in partnership together since Etihad acquired its stake in early 2013 in a deal worth, at the time, USD379 million. Goyal has credited a solid fiscal year 2017 performance – which saw a year-end profit of INR4.38 billion (USD68.4 million) – on its continuing relationship with the Abu Dhabi airline, reports the Financial Express. Read More…

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