The Cabinet Committee on Economic Affairs today gave its approval to the proposal of M/s. Etihad Airways PJSC, United Arab Emirates for subscribing 2,72,63,372 (two crore seventy two lakh sixty three thousand three hundred seventy two) equity shares of Rs.10 each of M/s. Jet Airways (India) Limited amounting to 24 percent of the post issue paid up equity share capital for an amount not exceeding Rs.2057.66 crore. The Foreign Investment Promotion Board (FIPB) has recommended the proposal.

The approval would result in foreign investment amounting to Rs.2057.66 crore in the country.

Foreign investment approval permits Etihad to subscribe to a substantial post-issue equity stake in Jet Airways after FIPB recommendation. Approval permits M/s. Etihad Airways PJSC, UAE to subscribe to equity shares of M/s. Jet Airways (India) Limited representing a specified portion of post-issue paid-up capital, following recommendation by the Foreign Investment Promotion Board and clearance by the Cabinet Committee on Economic Affairs, effectuating an inflow of foreign capital through share subscription.