Jet-Etihad deal a positive move for civil aviation, passengers: Ajit Singh
Civil Aviation Minister Ajit Singh on Thursday said that the Cabinet's approval of Jet-Etihad would be a positive step for both the cvil aviation sector and the passengers.
New Delhi: Civil Aviation Minister Ajit Singh on Thursday said that the Cabinet's approval of Jet-Etihad would be a positive step for both the cvil aviation sector and the passengers.
"The regulatory agencies had to clear certain issues, that has been done now. There was a lot of hue and cry about the issue, but now that the deal has been cleared, I think we should all accept it. The issues had to be resolved. I think it is good for the passengers, its good for the civil aviation sector," he said.
Earlier this evening, the Cabinet Committee on Economic Affairs (CCEA) approved the 2,000-crore deal between Jet Airways and UAE's national carrier Etihad Airways.
The deal would now need an approval from the Competition Commission of India (CCI).
The Jet-Etihad deal was cleared by stock market regulator SEBI this week, which was satisfied that control would remain with Jet post the sale of 24 per cent stake to Etihaad for Rs. 2057 crore.
Earlier in July, the Foreign Investment Promotion Board (FIPB) cleared the Jet-Etihad deal, but with conditions.
According to reports, the expected Rs. 2,058 crore investment could lead to other international airlines investing in India while the passengers will get benefit from Etihad's global network.