Jet deal: Etihad extends deadline - The New Indian Express

Jet deal: Etihad extends deadline

Published: 02nd September 2013 07:31 AM

Last Updated: 02nd September 2013 07:31 AM

Abu Dhabi-based carrier, Etihad is reported to have extended a deadline for regulatory approval in the stake purchase deal of Indian private carrier Jet Airways that ended August 31, 2013.

Etihad has proposed to buy a 24% stake in the Naresh Goyal-run Jet Airways carrier for an over $350 million. Added to this, the company has also invested $150 million and $70 million for their frequent flyer programme as well as to buy three of the company’s slots in London’s Heathrow airport.

Agencies reported that Etihad expects a  $600 million investment in Jet to be cleared by Indian regulators at the earliest. The deadline is said to have been moved to the end of September.

Meanwhile, aviation regulator DGCA is understood to have put on hold a decision on the appointment of Capt Naveen Malkani as the flight safety head for Jet Airways and asked the airline to come up with more names for the top safety post.

Following laid-down procedures, the private carrier had recently named Capt N T Malkani as its flight safety head and sought the regulator’s approval for it, airline sources said.

It was also alleged that Malkani had started functioning as the flight safety head even before DGCA gave its clearance.

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