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| Exchange Disseminated Time | With reference to the news item appearing in a leading financial daily titled "Etihad may buy 24% stake in Jet for up to Rs. 1800 Cr. in 10 days" Jet Airways (India) Ltd has clarified to BSE that while Jet (“the Company”) and Etihad are in a discussion regarding a potential investment by the latter in the former, these discussions have commenced recently pursuant to the liberalized FDI Policy which permitted foreign investment in the shares of an Indian airline. The discussions are in progress but no terms have been firmed up at present. Various structures are being explored by the legal and commercial teams and care being taken to ensure that all the Indian regulatory requirements are fully complied with.
By its very nature, there cannot, at this stage, be a firm time line as to the progress of these negotiations, considering the complexity of trans-national transactions such as this, and the complexity of the legal requirements of the regulatory structure.
Since no agreement has been reached with Etihad as yet, no regulatory approvals have been sought at present.
An appropriate announcement shall be made upon finalization of the terms of the investment with Ethiad as per legal and regulatory requirements. |
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