India's Jet Airways to sell $492 million stake to Etihad

MUMBAI (AP) - India's Jet Airways says its board has approved the sale of a US$379 million (S$492 million) stake to Etihad Airways.

The deal announced on Wednesday is the first foreign investment in an Indian airline since the South Asian country eased restriction on investments in aviation last year.

Jet Airways said in a statement to the Bombay Stock Exchange that is selling 27.3 million shares to Etihad at 754.7 rupees (S$17.25) a share.

Fast-growing Etihad was set up in the United Arab Emirates in 2003.

The share sale is subject to regulatory and shareholder approvals.