The deal was finalised only after receiving appropriate ministerial push. Here is the chronology. In September 2012, FDI limit in civil aviation was raised to 49%. However, till March 2013, Tailwinds, an Isle of Man registered entity of Naresh Goyal, an NRI, held an 80% stake in Jet

Moneylife Digital Team

The deal between Naresh Goyal-led Jet Airways and Etihad Airways, the national airline of the United Arab Emirates (UAE), and the signing of the bilateral between India and Abu Dhabi comprises chain of events taking place one after another. The “smooth and automatic” flow of events makes one wonder whether these incidents were mere coincidence or part of collusion.

It all started on 14 September 2012 with the Cabinet Committee on Economic Affairs (CCEA) approving the proposal from the Department of Industrial Policy and Promotion (DIPP) to permit foreign airlines to invest up to 49% in scheduled and non-scheduled air transport services in India.

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