Etihad alliance shows India's rapport with Abu Dhabi: Jet

Written By Unknown on Rabu, 23 Juli 2014 | 15.45

Airline to start non-stop frequent flights to Middle East and SAARC countries. There are also plans to ramp up the long haul non-stop flights to Europe.

Moneycontrol Bureau

Jet Airways  has established a vibrant new landscape with its alliance with UAE-based Etihad. The partnership signifies India's rapport with Abu Dhabi, said chairman Naresh Goyal.

Addressing the media in a first joint press conference, Goyal said maintaining the focus to build Delhi and Mumbai as hubs, the airline will start non-stop frequent flights to Middle East and SAARC countries. There are also plans to ramp up the long haul non-stop flights to Europe.

The ongoing forex volatility has impacted the carrier's bottomline. Goyal further said that high tax on ATF continues to hurt airlines.

Jet chairman said the carrier will integrate sales with Etihad to optimise costs. "Etihad to help Jet in aircraft procurement, maintenance," he added.

Etihad holds 24 percent stake in Naresh Goyal-led Jet for about Rs 2,060 crore. The alliance went through turbulent times ever since it was announced in April 2013. After months of scrutiny, the deal got consummated late last year post clearance by various Indian regulators, including fair trade watchdog CCI (Competition Commission of India) and capital markets regulator Sebi.

Jet Airways stock price

On July 23, 2014, at 14:14 hrs Jet Airways was quoting at Rs 266.80, up Rs 10.75, or 4.20 percent. The 52-week high of the share was Rs 445.00 and the 52-week low was Rs 210.25.


The latest book value of the company is Rs -196.11 per share. At current value, the price-to-book value of the company was -1.36.


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