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The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
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India cabinet okays Etihad’s Jet purchase
Etihad Airways’ pact to buy a stake in Jet Airways won approval from India’s cabinet, paving the way for the completion of the first share sale by a local carrier to a foreign airline after rules were amended.
The approval will result in foreign investment of Rs20.6 billion ($332 million), the government said in a statement after the cabinet took the decision in a meeting in New Delhi on Thursday. India eased airline ownership rules last year.
Etihad agreed in April to buy the 24 per cent stake in India’s biggest publicly-traded carrier as it seeks access to a market where the number of passengers are forecast to triple to 452 million by 2020. Rising travel has prompted both Singapore Airlines and AirAsia to tie up with Mumbai-based Tata Group this year to set up ventures in the South Asian nation.
Shares of Jet rose 4.4 per cent to Rs386.60 at close of Mumbai trading before the announcement. The stock has declined 31 per cent this year.
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