Rs 2058-crore Jet-Etihad deal cleared

July 29, 2013 16:22

The Foreign Investment Promotion Board (FIPB) has cleared the the Rs 2058-crore Jet-Etihad deal. The deal now makes India the proposed air hub for Jet-Etihad, however all foreign appointments will be made after security clearances. In June, the board had sought more details on who would have "effective control."

Etihad will now have two directors in the 12-member board, down from the original proposal to have three directors. Etihad's directors will be of "investor board" category and Jet will nominate four "promoter board" directors.

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