The Cabinet Committee on Economic Affairs (CCEA) on 3 October 2013 cleared Jet Airways proposed sale of 24 per cent equity to Abu Dhabi-based Etihad Airways, paving the way for the biggest ever foreign investment in the Indian aviation sector.
The proposal was of Etihad to subscribe 27263372 Jet Airways shares of 10 Rupees each, amounting to 24 percent of post-issue paid-up equity share capital for 2057.66 crore Rupees.
The decision was taken at a CCEA meeting chaired by Prime Minister Manmohan Singh in New Delhi. The approval will result in foreign investment amounting to over 2057 crore Rupees in the country. The Foreign Investment Promotion Board (FIPB) has recommended the proposal.
Jet-Etihad deal was already approved by SEBI (Securities Exchange Board of India) on 1 October 2013.
Where: New Delhi
When: 3 October 2013