India board defers decision on Jet Airways' stake sale to Etihad

Last Updated: Fri, Jun 14, 2013 11:25 hrs

India's Foreign Investment Promotion Board (FIPB) has deferred a decision on Gulf carrier Etihad Airways' planned 24 percent stake buy in Jet Airways , the country's economic affairs secretary said on Friday.

The board has sought more details on "effective control" and ownership, Arvind Mayaram said.

After the FIPB, which clears foreign direct investment proposals, the deal will also need approval from the cabinet committee on economic affairs.

Abu Dhabi's Etihad agreed in April to acquire a 24 percent stake in Jet for $370 million, giving it a bigger foothold in the fast-growing Indian market.

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