India's Jet Airways shareholders approve Etihad deal

MUMBAI (AFP) - Shareholders of India's Jet Airways on Friday approved a deal in which Abu Dhabi-based airline Etihad will take a 24 percent stake in the private carrier, media reports said.

Jet shareholders approved the proposed issue of shares on a preferential basis to Etihad, at an extraordinary general meeting held in the city, the Press Trust of India agency said.

Shares will be allotted only after completion of all regulatory approvals.

"The commercial agreement with Etihad will help us to expand network, reduce costs and increase profitability," Jet's chairman Naresh Goyal reportedly told shareholders. Jet officials were not immediately available to comment.