The move will help Jet Airways strengthen its subsidiary JetLite's performance.
India, UAE yet to conclude bilateral investment promotion and protection agreement.
Challenging the "illegal" reduction in its claim by the erstwhile resolution professional (RP) in the Jet Airways revival plan, the Punjab National Bank (PNB) has moved the National Company Law Appellate Tribunal (NCLAT) citing discrimination. The NCLAT on Thursday issued notices to RP Ashish Chhawchharia and the committee of creditors on PNB's plea to set aside the insolvency court's approval of the airline's revival plan. It has posted the matter for further hearing on September 21.
Jet Airways, which is in the process of finalising a stake sale deal with Etihad Airways, plans to extend its code share agreement with the Abu Dhabi-based carrier to the Mumbai-Brussels-Newark route, sources said.
Ahead of a crucial meeting next week, the Foreign Investment Promotion Board is scrutinising the commercial cooperation agreement between Jet Airways and Etihad Airways to ensure control is not passed on to the Abu Dhabi-based airline.
Sources close to the deal say, besides a higher stake (earlier, the negotiations were on for sale of up to 24 per cent), Etihad has asked for its representation on the board of the Indian airline, in sync with its shareholding.
According to reports Etihad Airways chairman Sheikh Hamed bin Zayed al-Nahayan said the Abu Dhabi-based carrier needs to revise its deal to buy a stake in the Indian carrier and it was too soon to say when a final agreement between the two carriers would be struck.
Sheikh Hamed bin Zayed al-Nahayan, speaking on the sidelines of a defence exhibition in the UAE capital, said officials would meet Indian Trade Minister Anand Sharma to discuss the deal.
The Jet deal would be the first foreign investment into India's aviation market.
Analysts were expecting a profit of Rs 27.85 crore.
Naresh Goyal-owned group companies, including the airline's general sales agent in India and abroad, and a car rental firm, are among those who have filed claims.
Sources said Abu Dhabi-based Etihad would pick up 24 per cent stake.
The West Asian carrier could pay up to $330 mn for a 24% stake in Jet, say sources.
The Gulf carrier could pay up to $330 million for a 24 percent stake.
Shares of Jet Airways surged 16 per cent to close at Rs 505.7 on Friday on speculation that Etihad Airways might buy 24 per cent in the company.
The move comes amid expectations that the government would allow foreign airlines to invest directly in Indian carriers.
Abu Dhabi-based carrier seeks a cut in premium it had agreed to pay on Jet's stock price
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Extending its previous day's rally, shares of the company opened on a strong note and further gained 8.78 per cent to Rs 581.85 on the BSE.
To sell five Boeing 777s, replacing these with cheaper aircraft
Jet settled higher by 2.35 per cent at Rs 623.40 on the Bombay Stock Exchange.
Following the market buzz, the stock opened the day on a bullish note and further jumped 6.13 per cent to Rs 590 on the Bombay Stock Exchange.
Shares of Jet Airways on Monday soared by over 18 per cent to touch a one-year high level amid reports of talks between the airline and United Arab Emirates' Etihad Airways for stake sale.
Manchester City announced a hugely lucrative naming rights deal with Etihad Airways on Friday which will see their City of Manchester Stadium immediately renamed the Etihad Stadium.
A combined 7.82 million shares representing 36% of free float equity of the private airliner have changed hands on BSE and NSE till 1500 hours.
Jet Airways scrip on Thursday ended nearly 11 per cent higher after the company announced plans to sell 24 per cent equity to Etihad Airways for about Rs 2,058 crore.
Jio has partnered with AeroMobile to launch mobile services on 22 flights on international routes, with plans starting at Rs 499 per day.
While Jet founder Naresh Goyal said he was willing to infuse Rs 700 crore and also pledge all his shares in the company provided he can have at least 25 per cent stake, the airline's foreign partner Etihad Airways insists he must not keep more than a 22 per cent stake.
Five decades ago, 87 plane crashes took away the lives of 1,597 people.
Auditors raise red flags over Jet Air's robust financial status.
Abu Dhabi-based Etihad Airways is looking to expand its operations in India as the airline continues on its growth plan aiming to reach 100 destinations by 2020 from its current 65, the company's chief executive has said.
The more pernicious of these measures is EC Regulation 1383 that allows customs officials and rights holders to interfere in the legitimate trade of generic medicines.
The summer schedule of flights of all other domestic airlines such as Vistara, IndiGo, Air India and GoAir have been approved till October 26.
Jet Airways has been looking at various ways to raise funds amid acute liquidity crunch that has forced it to ground aircraft, cancel flights in large numbers, shutdown stations and delay salary payments to its pilots and engineers along with other senior staff.
There are only three entities left in the fray now - Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp.
Six of these aircraft are currently on lease to Etihad Airways, set to start returning to Jetair's fleet in June
Airlines in the UAE are expecting a huge rush since nearly a million amnesty seekers, including many Indians, are likely to leave the country before the September two deadline.
With air traffic between India and the UAE on the rise, the Gulf state's national carrier Etihad Airways is on the move to start services to Indian cities of Bangalore, Chennai and Hyderabad.
Making India a pivot of its growth, UAE's national airline Etihad Airways will launch new flights to Kochi and Thiruvananthapuram, as its two new destinations, and introduce three new flights to Delhi.
The daily service to the two cities will mark the seventh and eighth Indian destinations for the Airways, Akbar Al Baker, Chief Executive of Qatar Airways was quoted as saying by the Gulf News.
