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India's Jet surges on Etihad deal approval talk

Mumbai, July 26, 2013

Shares in Jet Airways India Ltd surged as much as 19.7 percent on Friday after traders said India's Foreign Investment Promotion Board was likely to approve a planned stake sale to Etihad Airways.

Jet Airways and Etihad Airways officials were not immediately reachable for comment on the market speculation. A spokesman for India's finance ministry, which oversees FIPB, declined to comment.

The FIPB, which clears foreign direct investment proposals, is scheduled to consider the Jet-Etihad deal at its meeting on Monday and traders said it may be approved.

The FIPB last month deferred a decision on Jet's plan to sell a 24 percent stake to Etihad.

Jet shares were up 14.6 percent at 0459 GMT, well above the 0.2 percent gain in the broader NSE index. – Reuters




Tags: Etihad | India | jet airways | Shares | Stake |

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