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Fri 24 May 2013 11:19 AM

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Shareholders at India's Jet approve Etihad stake deal

Etihad's investment is first by overseas operator in an Indian airline since ownership rules were relaxed

Shareholders at India's Jet approve Etihad stake deal

Shareholders in India's Jet Airways approved an agreed sale of a 24 percent stake in the airline to Abu Dhabi's Etihad Airways, a senior executive at the Indian carrier said on Friday.

Jet Airways, however, deferred seeking shareholder approval for a new set of "Articles of Association" as it awaits regulatory clarity, company secretary Arun Kanakal told Reuters after a shareholders' meeting.

Etihad, in April, agreed to acquire a 24 percent stake in Jet for $370m, giving it a bigger foothold in the fast-growing Indian market.

Etihad's investment is the first by an overseas operator in an Indian airline since ownership rules were relaxed and provides Jet with a deep-pocketed global partner as well as cash to retire debt.

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