Mumbai: Jet Airways (India) Ltd on Thursday told BSE that it is in discussions with Etihad Airways for a potential investment, indicating it might be closer to a deal with the West Asian airline than its rival Kingfisher Airlines Ltd.
“The discussions are in progress but no terms have been firmed up at present,” Jet Airways informed the stock exchange. “Various structures are being explored by the legal and commercial teams and care is being taken to ensure that all the Indian regulatory requirements are fully complied with.”
Jet Airways and the troubled Kingfisher Airlines were in the race for an investment from Etihad, the national airline of the United Arab Emirates, after the government recently allowed foreign airlines to invest in Indian aviation, Mint reported on 15 December.
Jet Airways, India’s second-largest airline by passengers carried, said in its statement that it could not at this stage offer a “firm time line as to the progress of these negotiations, considering the complexity of trans-national transactions such as this, and the complexity of the legal requirements of the regulatory structure”.
It added that no regulatory approvals had been sought as it had not yet reached an agreement with Etihad.
Shares of Jet Airways rose 4.70% to Rs.606.85 at the close of the trading, while Kingfisher Airlines’ shares declined 2.51% to end at Rs.14.78. The benchmark Sensex was up 0.26% at 19,764.78 points.