Etihad says not in talks to raise stake in India’s Jet

Abu Dhabi-based Etihad Airways denied a media report on Tuesday that it is in discussions with the Indian government to raise its 24 per cent stake in India’s Jet Airways.

Citing unnamed government sources, Bloomberg TV India said in a report earlier on Tuesday that Etihad had approached India’s Ministry of Civil Aviation for permission to buy more of Jet, the country’s second-biggest carrier by market share.

“We are not in discussions with the government about raising our stake in Jet Airways,” an Etihad official said in an emailed statement.

Etihad bought a stake in Jet, which has not made an annual profit since 2007, two years ago, giving it a foothold in India’s fast-growing aviation industry.

Shares in Jet closed up 2.44 per cent on Tuesday against a 0.27 per cent rise in the benchmark. A spokesman for Jet did not immediately respond to a request for comment.