FIPB puts Jet-Etihad deal on hold

The Foreign Investment Promotion Board (FIPB) has sought clarification from Jet Airways on "effective control" before clearing its 24% stake sale deal worth 2,058 crore with Abu Dhabi's Etihad. "It (Jet-Etihad deal) has been deferred. We need more details of effective control and ownership," economic affairs secretary Arvind Mayaram, who heads FIPB, said after the board's meeting on Friday where the FDI proposal of Norway's Telenor to hike stake in its domestic subsidiary to 74% was cleared.

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