News: Etihad makes major concessions in favour of Goyal to speed up Jet deal

C-Suite

Etihad makes major concessions in favour of Goyal to speed up Jet deal

An Economic Times report says that Abu Dhabi's Etihadhas made significant concessions in favourof its Indian partner, NareshGoyal, in an effort to persuade the Indian authorities to clear its $600-million investment in Jet Airways. 

An Economic Times report says that Abu Dhabi's Etihadhas made significant concessions in favourof its Indian partner, NareshGoyal, in an effort to persuade the Indian authorities to clear its $600-million investment in Jet Airways. 

Etihad has agreed to vest Goyal, the founder chairman of Jet, with the right to deliver a "casting vote on any matter", in addition to reducing its representation from three to two on the 12-member board of India's largest private airline by revenues.

According to ET, the deal is likely to be approved as most of the provisions in the original agreement with which the Indian authorities, notably capital market regulator Sebi, had problems have now been suitably diluted by the two airlines in their bid to secure approval.

Read the complete report here
 

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Topics: C-Suite, #Corporate

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