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This is an archive article published on March 20, 2013

Etihad says talks with Jet still on

Playing down rumours that Etihad Airways may call of the deal to buy into the Naresh Goyal-owned Jet Airways,the Abu Dhabi-based airline said it is still in negotiations with the Indian carrier

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Playing down rumours that Etihad Airways may call of the deal to buy into the Naresh Goyal-owned Jet Airways,the Abu Dhabi-based airline said it is still in negotiations with the Indian carrier.

Etihad Airways continues to progress discussions about further investment in Jet Airways, said Etihad in a statement issued late Monday.

Sources said that talks between the two airlines have been stalled due to a number of issues including disputes over investment protection and management control.

Etihad Airways is seeking protection under the Bilateral Investment Promotion and Protection Agreement or BIPA,a source said. The airline is reportedly worried about investing in India because of bad experiences of other Middle East companies like telecom major Etisalat and real estate developer Emaar.

Etihad has been in talks with Jet Airways since late last year to pick up a 24 per cent stake for up to 330 million. On February 27,Etihad Airways paid 70 million to Jet Airways for purchasing the Indian carriers three slots at Londons Heathrow Airport in a sale and lease back agreement.

Etihad chairman Sheikh Hamed bin Zayed al-Nahyan said the deal with Etihad needs to be revised on February 17 in Abu Dhabi. FE

 

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