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Etihad sets date to vet Jet deal

James Hogan in Abu Dhabi on Monday. (AFP)

New Delhi, Feb. 4: Abu Dhabi-based Etihad, which is close to striking a stake purchase deal with Jet Airways, today said it expected to complete its due dilligence of the Indian carrier by next week.

Etihad president and CEO James Hogan today said the carrier, which has posted a 200 per cent jump in net profit for 2012 at $42 million against $14 million in the previous year, will submit the due diligence report on Jet Airways to its board soon.

“We are doing our due diligence next week. We will present it to our board and take it from there,” Hogan said during a live streaming of a press conference from Abu Dhabi.

Etihad will be the first foreign carrier to pick up a stake in an Indian airline since the government relaxed the ownership rules in September. New rules allow foreign carriers to buy up to a 49 per cent stake in local airlines.

Hogan said he had met senior Indian aviation officials and ministers last week.

 
 
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