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Jet-Etihad deal to infuse new life in India's civil aviation:
Assocham
Sunday February 03, 2013 03:03:43 PM,
IANS
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New Delhi:
The stake-sale deal between Jet Airways and the Abu Dhabi-based
Etihad Airways will infuse new lease of life into the troubled
Indian aviation industry, a leading business chamber said Sunday.
"Induction of capital by Etihad, one of the most efficient
airlines of the world will not only improve the financial position
of Jet Airways but also bring several operational benefits," the
Associated Chambers of Commerce and Industry (Assocham) said in a
statement Sunday.
The Indian civil aviation sector has been going through a tough
operating environment with high fuel and interest costs - and
lower passenger traffic.
"The good thing is that in the last few months several initiatives
have been taken to increase the comfort level of the global
investors," Assocham said.
It added that after the Etihad-Jet deal, fresh efforts should be
made to revive the grounded Kingfisher Airlines.
A joint delegation of Jet Airways and Etihad Airways met Finance
Minister P. Chidambaram Thursday, indicating that a stake-sale
deal between the airlines could be round the corner.
The delegation, led by Jet Airways' Naresh Goel and Etihad chief
executive James Hogan, had met Civil Aviation Minister Ajit Singh
and Commerce Minister Anand Sharma Jan 31.
Talk of a possible stake sale has been doing the rounds for three
months, ever since the government allowed foreign airlines to pick
up 49 percent shares in domestic carriers.
Foreign carriers have so far not been allowed to directly invest
in Indian carriers for security reasons although 49 percent FDI by
non-airline players was allowed.
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