The Competition Commission of India (CCI) has given its nod to the Jet Airways-Etihad deal, to acquire 24 per cent in the Indian carrier. Jet earlier said that it expects to complete the transaction this quarter. It already has the cabinet’s approval.
The government had last year allowed foreign airlines to buy up to 49 per cent in Indian airlines. Etihad Airways is acquiring this stake for Rs 2,058 crores in a deal that was announced in April this year.
“The Commission is of the opinion that the proposed combination is not likely to have appreciable adverse effect on competition in India and therefore, the Commission hereby approves the same,” CCI said in an order.
The majority order, passed by CCI chairman Ashok Chawla and four members, reportedly said that the approval can be revoked if information provided by Jet Airways and Etihad Airways is found to be incorrect at any time.
