Abu Dhabi-based carrier Etihad Airways has picked up 24 per cent stake in the country’s second-largest domestic airline, Jet Airways for Rs 2,060 crore ($379 million). .As part of this deal, Etihad would invest Rs. 813 crore ($150 million) in Jet’s frequent-flyer programme, ‘Jet Privilege’, reports Business Standard..Amarchand Mangaldas acted as Indian legal counsel for Etihad with a team led by Mumbai Managing Partner Cyril Shroff along with Principal Associate Smruti Shah. Competition Law Partner Nisha Kaur Uberoi advised on the Indian competition law aspect..DLA Piper acted as International legal counsel. DLA team was led by London Partner John Hayes and Hamburg Partner Benjamin Parameswaran along with EU Competition Partner Alexandra Kamerling..Gagrats and Economic Laws Practice along with Senior Advocate Harish Salve acted for Jet Airways. Jet Airways is a long-standing client of Gagrats..The Gagrats team was led by Partners Rustam Gagrat, H. Tapia Shahpurwalla, Uma N. along with Senior Associate A. Dhariwal and Associates K. Jasani and D. Maghan while ELP team was led by Partners Rohan Shah, SujjainTalwar and Darshan Upadhyay..According to media reports, under a wider overall commitment, Etihad will inject another Rs 1,192 crore ($220 million) into Jet..This is the first foreign direct investment deal in the aviation space since the government last year relaxed FDI norms allowing foreign airline companies to hold up to 49 per cent stake in Indian companies. The deal is subject to regulatory approvals.
