News Summary: India's Jet Airways stake to Etihad

News Summary: India's Jet Airways agrees to sell $379 million stake to Etihad Airways

Associated Press

SKY HIGH: India's Jet Airways will sell a 24 percent stake to Etihad Airways for $379 million, the first foreign investment in an Indian airline since the country eased restrictions on aviation deals last year.

AIRBORNE: Mumbai-based Jet, founded in 1993, is one of India's largest domestic airlines and its second-largest international carrier behind state-owned Air India.

PILOTING THE MIDEAST: Etihad was set up in the United Arab Emirates in 2003 and recently has been building partnerships and alliances around the world as part of fierce competition with Gulf rivals Qatar Airways and Dubai-based Emirates.

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