India’s cabinet approved on Thursday a $330 million deal by Abu Dhabi's Etihad Airways to buy a stake in Jet Airways, Aviation Minister Ajit Singh told reporters, taking the companies one step closer to complete the long-delayed deal.
Etihad had agreed in April to buy a 24 percent stake in Jet in the first such deal since the Indian government relaxed rules in September 2012 to allow foreign airlines to own up to 49 percent of Indian carriers.
The deal had been delayed due to scrutiny by Indian regulators and also due to opposition from some politicians, before the foreign investment regulator cleared it with conditions in late July.
The deal still needs the Indian anti-trust regulator's approval, according to media reports. Jet Airways did not reply to an email seeking comment on what more approvals it needs for the deal.