CCI to take call on Jet-Etihad deal after getting more information
Fair trade regulator CCI will take a call on the proposed Rs 2,058 crore Jet-Etihad deal after getting information sought by it from the two carriers.
New Delhi: Fair trade regulator CCI will take a call on the proposed Rs 2,058 crore Jet-Etihad deal after getting information sought by it from the two carriers.
Competition Commission of India (CCI) Chairman Ashok Chawla on Friday said the regulator was awaiting some more information on the deal.
The transaction, touted as the 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.
When asked about the Jet-Etihad deal, which is being examined by the Commission, Chawla said it was "work in progress".
"Our people have asked them for some information and is awaited... We are awaiting information from Jet and Etihad. There were some issues that they have been asked to (come up with details). When it comes we will take a call," he said here.
Under the proposed transaction, Jet would sell 24 percent stake to Etihad.
Amid raging controversy over the deal, earlier this month the government had said the stake sale in Jet to Abu Dhabi- based Etihad was still under examination.
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.
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 percent in an Indian airline.