Etihad Jet Airways Deal Delayed after Indian Politician Swamy Moves Court
Indian politician Subramanian Swamy has filed a petition in Supreme Court of India against the Etihad – Jet Aiways deal. The court has accepted the petition and the deal between two airlines will get delayed as the court will decide further course of action on the case.
BJP Member of Parliament Subramanian Swamy has objected against the amendment of India-Abu Dhabi bilateral air service agreement which helped the airlines to get more number of seats. The union cabinet cleared the changes to ASA to increase the number of seats by nearly 36,000. Abu Dhabi based Etihad has reached an agreement with Indian airline Jet Airways to buy 24 percent stake in the company.
Both airlines will have better connectivity between India and UAE. The politician has questioned the deal and has claimed that Etihad will gain almost $1.6 billion every year due to the deal and special treatment given by the Indian government to clear the deal. The deal between two airlines will have a major impact on profitability of the national carrier of the country, Air India. Air India has been suffering massive loss in the recent years and has come under strict scrutiny of Indian government and media.
The stock price of Jet Airways was down in today’s trade in Mumbai as the acceptance of petition will delay the deal between two airlines.
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