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The two parties will now seek approval from India’s market regulator SEBI, the Competition Commission of India, and the Indian Cabinet Committee on economic affairs.
“We have approved with some conditions,” Economic Affairs Secretary Arvind Mayaram told reporters after a meeting of the FIPB.
The FIPB had sought clarifications on the control of Jet Airways management after the signing of the shareholders agreement.
The investment of $600 million by United Arab Emirates state-owned Etihad Airways is one of the biggest FDI projects undertaken in India’s aviation sector.