Etihad Airways said it will invest $379 million in Jet Airways for a 24% stake in the Indian airline.
The investment is part of Etihad’s strategy to tap into emerging travel markets and create a global network through partnerships and equity investments.
Jet Airways, which has been struggling financially, was able to sell a stake to Etihad after a policy change allowing foreign carriers to buy up to 49% of Indian airlines.
Jet Airways has a fleet of 109 aircraft and flies to 77 destinations.
Etihad is based in Abu Dhabi and is the flag carrier of the United Arab Emirates. It has 73 aircraft and flies to 88 destinations.
Etihad also holds equity investments in Airberlin, Air Seychelles, Virgin Australia and Aer Lingus.
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Etihad is based in Abu Dhabi, not Dubai as a previous version of the story stated.