In one of its biggest foreign direct investment (FDI) initiatives in aviation sector, India Monday allowed Etihad Airways of United Arab Emirates (UAE) to buy a 24 percent stake in the country's private carrier Jet Airways.
The deal was cleared by regulator Foreign Investment Promotion Board (FIPB) after a high-level meeting in the national capital, but with riders.
"We have approved with some conditions," Indian Economic Affairs Secretary Arvind Mayaram told the media.
After both airways agree on the conditions set up by the government, the deal would go to the Indian Cabinet of Ministers for final clearance.
The 370-million-U.S.-dollar deal was actually agreed in April, after India opened up its aviation sector, but was deferred following media reports of it being controversial.
