Etihad Denies Plans to Sell Jet Airways Shares

Photo: rehlat.ae

Abu Dhabi’s Etihad Airways has rejected claims that it will sell its 24 percent stake in Jet Airways by Q3 2019, calling the Indian airline a “valuable partner.”

The Etihad statement comes in response to a recent report from aviation consultancy CAPA, which on Thursday also tweeted that “CAPA research indicates Etihad may divest its 24 percent stake in Jet Airways, possibly by Q3 of FY2019.”

“This could lead to a rationalisation of capacity between India and the Gulf, particularly Abu Dhabi,” CAPA added. In response, Etihad said the CAPA report was “false” and said the airline has no plans to divest.

Additionally, Jet Airways chairman Naresh Goyal told reporters in India that the airline has “no plans” to sell its stake to another investor, following a September 2017 statement squashing similar rumours.

Etihad’s investment with Jet dates back to April 2013, when the Abu Dhabi-based carrier made a $379 million investment in the company. Etihad also invested $150 million and acquired a 50 percent stake in Jet’s frequent flying programme, “Jet Privilege.”

Source: arabianbusiness.com