The Foreign Investment Promotion Board (FIPB) has approved the proposed 24 percent stake-sale in Jet Airways to Abu Dhabi-based Etihad Airways, Civil Aviation Minister Ajit Singh said Monday.
"As far as I know, the (deal) has been cleared by the FIPB with minor changes to the language. All issues raised by civil aviation ministry has been resolved. Now the deal is expected to go to the Cabinet Committee on Economic Affairs (CCEA), but that will happen when a cabinet note is circulated by the finance ministry," Ajit Singh told reporters after an FIPB meeting here.
"The minor changes in the language is that English laws will be used for arbitration. Jet would still have to take approval of civil aviation ministry even after cabinet nod for any future changes to shareholders agreement under the Aircraft Act 1934," the minister added.
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