The Abu Dhabi-based Etihad had in April 2013 invested Rs 2,069 crore in Jet for a 24 per cent equity but of late there have been plenty of rumours about both the partners not seeing eye-to-eye and looking for other options. In recent months there have also been reports about Jet courting American carrier Delta after the two entered into a extensive code share agreement. Rumour mills were also active about other Gulf carriers looking at a stake in Jet.
The speculation became active after government liberalised foreign ownership norms for the aviation sector wherein 100 per cent FDI is allowed in the sector provided the foreign investor is not an airline operator and 49 per cent if the investor is an overseas airline.
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