Jet Airways surges after Etihad's stake buy approved

Source : REUTERS
Last Updated: Fri, Oct 04, 2013 05:54 hrs
A newly acquired Jet Airways Boeing 777-300ER aircraft sits on the tarmac at Mumbai airport

Shares in Jet Airways (India) Ltd rose as much as 7.2 percent after the cabinet approved on Thursday a $330 million deal by Abu Dhabi's Etihad Airways to buy a stake in Jet Airways.

Etihad had agreed in April to buy a 24 percent stake in Jet Airways in the first such deal since the Indian government relaxed rules in September 2012 to allow foreign airlines to own up to 49 percent of Indian carriers.

Jet Airways shares are up 4.15 percent at 0953 am.

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