India’s Securities and Exchange Board has reportedly cleared the way for the nation’s first direct investment in an airline by a foreign entity.
Reports say Etihad, based in the United Arab Emirates, has been exempted from making an open bid for its proposed 24 percent acquisition in domestic airline Jet Airways. In its decision, the Board, known as Sebi, found sufficient modifications made to the merger and found the deal to be in line with its investment rules.
In its decision, Sebi found that “it never was Etihad’s intention to acquire control in any manner over Jet.”
The airlines declined to comment on the matter, but the deal has cleared its latest significant hurdle after acquiring approval from the Competition Commission of India late last year.
Full content: Live Mint
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.