Abu Dhabi-based Etihad Airways closed the transaction for picking up 24% equity in India's Jet Airways. All the requisite Indian regulatory approvals were obtained last week. Etihad president and CEO James Hogan and CFO James Rigney have been appointed to the Jet Airways board. The two airlines immediately started rolling out strategic collaboration aimed at bringing value to both carriers. In a statement, Jet Airways chairman Naresh Goyal said, "The infusion of foreign direct investment in the aviation sector will result in economies of scale, grow traffic at our airports and create job opportunities. I am confident that this investment will greatly benefit all our stakeholders while significantly benefiting our customers who will now have access to a more expanded global network."
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