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Corporate Aug 7, 2013

Jet-Etihad may be a done deal by month-end

By Firstbiz Staff

The much awaited Jet -Etihad deal is likely to be completed this month as executive from the airlineare expected to meet government officials this week, while the Cabinet Committee on Economic Affairs will also give the deal its nod soon, sources told CNBC-TV18 today.

The deal has already missed its original deadline of July 31 and the two airlines are now keen to complete it before the new deadline of August 31

As per the new deal, the direct and indirect control of the airline would remain with Naresh Goyal, while Etihad would not get any excess power beyond its 24 percent stake.

Reuters

Reuters

However, there are no changes in the proposed shareholding structure of NAresh Goyal holding the majority 51 percent stake, Etihad having 24 percent and the remaining 25 percent with the public shareholders including institutional and retail investors.

Late last month, the Foreign Investment Promotion Board (FIPB) permitted Jet Air to sell 24 percent stake Abu-Dhabi's Etihad for over Rs 2,000 crore, subject to conditions.

Meanwhile Etihad will nominate three executives on Jet Board and CEO James Hogan (Etihad) may be one of the nominees.

Etihad is also likely to appoint senior executives for nomination committee. .

by Firstbiz Staff

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