Foreign Investment Promotion Board (FIPB) on Monday, July 29 cleared Abu Dhabi-based Etihad Airlines buying 26% stake in Jet Airways for Rs. 2,058 crore with some conditions.
FIPB cleared the deal with some riders, sources attending the FIPB meeting said.
The conditions include Jet seeking prior government of India approval for any changes in the Share Holders Agreement (SHA) with Etihad. Also, any arbitration would have to be under Indian law and not English law as proposed in the revised SHA submitted by Jet-Etihad to FIPB.
Once Jet-Etihad agree to the conditions, the deal would go to the Cabinet Committee on Economic Affairs (CCEA) for approval.
Full report here Hindustan Times