DUBAI, April 24 (Reuters) - Abu Dhabi's Etihad Airways
confirmed it had taken a 24 percent minority stake in India's
Jet Airways for $379 million.
The Gulf carrier said in an emailed statement it would
subscribe to 27.3 million new shares at 754.74 rupees per share.
Jet said in a brief statement to the stock exchange earlier
on Wednesday that its board had approved the allotment to
Etihad, which is on an aggressive expansion drive, will also
make a $150 million equity investment in Jet's frequent flyer
programme and spend $70 million to buy Jet's three pairs of
Heathrow slots through the sale and leaseback agreement
announced in February.
Jet's majority ownership will remain with Indian nationals
and Jet's founder and non-executive chairman Naresh Goyal will
hold 51 percent of the airline after the deal, which is subject
to shareholder approval, the statement added.
As part of the deal Jet will establish a hub in Abu Dhabi
and expand its reach through Etihad Airways' global network.
(Reporting by Praveen Menon; Editing by Helen Massy-Beresford)