Etihad Airways confirms takes 24 stake in Naresh Goyal 8216;s Jet for 379 mn

Jet said in a brief statement to the stock exchange earlier on Wednesday that its board had approved the allotment to Etihad.

Etihad,which is on an aggressive expansion drive,will also make a 150 million equity investment in Jet8217;s frequent flyer programme and spend 70 million to buy Jet8217;s three pairs of Heathrow slots through the sale and leaseback agreement announced in February.

Jet8217;s majority ownership will remain with Indian nationals and Jet8217;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 Airways8217; global network.