Press Esc to close
Sunday 26 October 2014
News updated at 11:44 AM IST
Weather
Max: 22°C
Min : 21°C
In Bangalore
Partially cloudy
Breaking News

PMO seeks clarification on Rs 2,058-cr Jet-Etihad deal

New Delhi, June 30, 2013, PTI:

The Prime Minister’s Office has sought clarifications from ministries concerned, including Commerce and Industry, on the proposed Rs 2,058-crore Jet- Etihad deal.

The deal, largest foreign investment proposal in the aviation sector, is facing regulatory hurdles with various ministries raising major concerns over the ultimate control of Jet Airways post transaction.

Government sources said the Prime Minister’s Office (PMO) has sought clarifications on the Jet Airways selling stake to Abu Dhabi-based Etihad Airways from ministries and departments concerned including Commerce and Industry, Civil Aviation and Corporate Affairs.

However, nature of the clarifications sought could not be immediately ascertained.
The Foreign Investment Promotion Board (FIPB), which clears FDI proposals, on June 14 had deferred a decision on the deal citing control and ownership issues.


“It (Jet-Etihad proposal) has been deferred. We need more details on effective control and ownership,” Economic Affairs Secretary Arvind Mayaram had said.

Under the proposed transaction, Jet would sell its 24 per cent to Etihad Airways.

Concerns have been primarily raised on the proposed ownership and control structure of the domestic airlines. Besides, capital market regulator Sebi, fair trade watchdog CCI and Department of Industrial Policy and Promotion (DIPP) also have reservations about the deal.

Post transaction, Jet Airways promoter Naresh Goyal would directly own 51 per cent in the airline. The FDI policy for civil aviation, which was revised in September last year, allows foreign airlines and foreign institutional investors to invest up to 49 per cent in an Indian airline. NRIs are already allowed 100 per cent investment.

Go to Top

Photo Gallery
Mrs. Komal Kalra Pagarani who is all set to represent India...

Mrs. Komal Kalra Pagarani who is all set to represent India...

Fire at Balaji Studio Killick Nixon Studios in Mumbai...

Fire at Balaji Studio Killick Nixon Studios in Mumbai...

Sikh religious warriors, display their horse-riding skills at an event organized to celebrate...

Sikh religious warriors, display their horse-riding skills at an event organized to celebrate...

Bollywood actor Shatrughan Sinha with his family during Amitabh Bachchan's Diwali party in Mumbai..

Bollywood actor Shatrughan Sinha with his family during Amitabh Bachchan's Diwali party in Mumbai..

Sachin Tendulkar and his wife Anjali with Abhishek Bachchan during Bachchans' Diwali party...

Sachin Tendulkar and his wife Anjali with Abhishek Bachchan during Bachchans' Diwali party...

Narendra Modi clicks photographs during the Diwali Mangal Milan programme at BJP headquarters...

Narendra Modi clicks photographs during the Diwali Mangal Milan programme at BJP headquarters...

Nitin Gadkari leaves after meeting RSS Chief Mohan Bhagwat at RSS headquarters in Nagpur...

Nitin Gadkari leaves after meeting RSS Chief Mohan Bhagwat at RSS headquarters in Nagpur...

Brother & Sister take holy dip in river Yamuna on the occasion of Bhai Dooj...

Brother & Sister take holy dip in river Yamuna on the occasion of Bhai Dooj...

Dhoni talks to Hockey India player Ashunta Lakra during launch of hockey team in Ranchi...

Dhoni talks to Hockey India player Ashunta Lakra during launch of hockey team in Ranchi...

Brother of Thailand's Prime Minister Payap Shinawatra takes part in Robe...

Brother of Thailand's Prime Minister Payap Shinawatra takes part in Robe...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523